01-02-2013 08:49 PM
My question is can I be approved if I owe federal taxes from 2009 and 2010? I currently owe 13,000 total for the two years but I do not have a tax lien. I submitted my taxes late due to divorce (I know a bad idea) but arrangements have been made with the IRS to pay monthly. I have been looking all over online but I can't find an answer for my particular issue. I know with VA loans you have to be current on or have paid off all federal debt. Please help!!!!
01-03-2013 11:00 AM
I believe that as long as you have a written agreement for your payment plan and you are current on the payments that there will not be an issue. The problem is with delinquent federal debt. Understand that the tax payment will count in your DTI ratio. But go for it and good luck.
01-03-2013 11:40 AM - edited 01-03-2013 11:42 AM
You will want to check you CAIVRS(CAY-vers) record. A mortgage lender has to do this. CAIVRS is like a credit report for federal debt. Most of the time if a federal debt is in repayment VA will allow it.
As for the CAIVRS report actually reflecting the payments is another thing. CAIVRS is a go/no-go for goverment loans. If it has something on it, it will need to be cleared before they will allow a VA Loan
01-03-2013 04:27 PM
Thank you all for your responses. I spoke to my LO today and she is going to check the guidelines for VA. Hopefully all goes well. The IRS did assure me that I didn't have a lien as long as I stick to the repayment plan.
01-08-2013 12:30 PM
Ok, so now I am being told that I will get approved for the loan but one of my conditions will be paying off the taxes I owe. Not good!
01-08-2013 01:00 PM
It's NVR mortgage so I guess it's a broker type of service since the sell your loan after you close
01-08-2013 01:03 PM
01-08-2013 01:12 PM
Thanks For the info. I was going to try another lender anyway as a backup plan.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.