Would I be able to get a loan with clean reports but a $16000 IRS payment OIC?

[daddiggingout]

I am taking a new position in Raleigh, NC and feel ready to buy a home.  My credit reports are clean with the exception of one unpaid medical bill on my experian report.  My mid score is 715 and I have a new salary of $120,000 with relocation assistance.  However, due to contracting and not setting aside enough for taxes a couple of years ago, I have an outstanding debt of $16,000 with the IRS.  I intend to send in an Offer In Compromise of $10,000, but if it is denied I will need to pay this debt over the next 4 months.  Would a mortgage broker count this as debt, because I have no other debt at all.

I understand that this is not considered delinquent once I enter into a payment plan - right now I have a 120 day extension in order to decide whether or not I want to proceed with the OIC or simply start a payment plan for the total amount.  I was advised by our local IRS agent that I stand a very good chance to do an OIC, so if I do so this week and approach a mortgage broker at the end of the month do you think I would get pre-approval?  

I am hoping to purchase a home in the $375,000 range and do have VA Loan eligibility.

Thanks for the help!

[wagsk1]

Your OIC is high. I settled with the IRS years ago with a 2300 offer on 17k debt. Try to offer lower, they just like to close cases as compared to the amount they receive.

[daddiggingout]

Wagsk!, thanks for the response.  Do you mind my asking what type of financial situation you were in when the IRS accepted your OIC?  In other words, were you unemployed/underemployed at the time?  Did you have kids in college or any other "hardship/"  I have four kids and live simply but wonder if the IRS will tell me to take a hike given that my income would allow me to repay this debt over a year with a payment plan.  If the questions are too personal, or you would rather respond via pm I can appreciate this, but so many on these forums are open and unbothered by putting things out there.  

Either way, thanks for the heads up!

[wagsk1]

2 kids at the time with only 1 income. They take into account your income, dependents, living expenses,ect. Google it. You don`t need to pay some company to do it for you. After I did it my brother-in-law who is a CPA told me I should of only offered 500 towards my debt.  The IRS agent is the one who told me they just need to close files. You can only do this once in 10 years. Good luck