Mortgage Loans

[Thickem74]

Hello all,

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!!!!

[HoldingOntoHope]

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.

[JM-AM]

+1

[ChetBrown56]

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

[lsjohns00]

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.

[lsjohns00]

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!

[JM-AM]

Are you dealing with a LO from a banking institution or a Broker?

[lsjohns00]

It's NVR mortgage so I guess it's a broker type of service since the sell your loan after you close

close. 

[JM-AM]

Even banks sell your loan. Dont ever think otherwise. Lol

Just call another broker. While VA usually wants taxes paid they usually are okay with a repayment plan. Lender specific.

[lsjohns00]

Thanks For the info. I was going to try another lender anyway as a backup plan.