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Hello! I am an old member back again to stalk the boards and absorb all the free knowledge...
I have moved my family across country here to AZ from NJ and We are first time FHA homebuyers (hopefully lol)and we are trying to buy for $220,000/ $1500 yrly taxes/500yrly insurance . I haven't met with any banks or brokers yet... Long story short I owe $10,000 back taxes for 2010 , and just recently have set up a payment plan with the IRS for $300 a month. I would like to qualify without paying the back taxes in advance, but just factor them into my DTI as we can easily absorb that. We make about 130,000 a year W-2 employees, we will only have enough saved for down payment and closing costs. Currently our rent is $2000 a month. Are there any Banks/Lenders that are ok with the back taxes as long as you are on a payment agreement with the IRS? Oh and our scores are currently about 600 across the board ,but we were maxed on nearly 8 cards last month from our wedding. All have been paid in full so hopefully we will see a 80-100 pt jump. No fatal baddies I just have a couple of small CA I'm working on.No lates or negs in the last 12mths
So the big question is not will we qualify with credit history, scores, or income , but will they allow it due to the back taxes and us being on a installment ageement for only 5mths? No liens were ever filed and this is the first time I've ever owed taxes so I'm petrified! Any help/advice would be MUCH appreciated!
I did FHA with an IRS installment agreement and it never came up....was still able to get past CAIVRS. I don't think those show up, but you should disclose them in terms of not getting in over your head.