behind on taxes and want to buy a home

[Anonymous]

i am behind on my federal taxes. i owe $3500 and still haven't filed for 2014. It's not a lien or on my credit report but will this disqualify me from getting a mortgage? should i pay it all off and file my 2014 before putting in a pre-qual app? 

[cartwrna]

You will have to file your 2014 taxes, as well as have a payment plan setup with 6-12 months of on time payments on the past owed debt before you would ever be able to close on a home. They require copies of your previous 2 years of tax returns and run 4056t for transcripts as well. This is the basics, depending on the lender there may be other overlays as well.

[StartingOver10]

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@cartwrna wrote:
You will have to file your 2014 taxes, as well as have a payment plan setup with 6-12 months of on time payments on the past owed debt before you would ever be able to close on a home. They require copies of your previous 2 years of tax returns and run 4056t for transcripts as well. This is the basics, depending on the lender there may be other overlays as well.

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^^^Exactly. Some lenders will only require 3 months of payments others do require 6 to 12 months but otherwise the information is exactly right. 

[Anonymous]

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@StartingOver10 wrote:

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@cartwrna wrote:
You will have to file your 2014 taxes, as well as have a payment plan setup with 6-12 months of on time payments on the past owed debt before you would ever be able to close on a home. They require copies of your previous 2 years of tax returns and run 4056t for transcripts as well. This is the basics, depending on the lender there may be other overlays as well.

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^^^Exactly. Some lenders will only require 3 months of payments others do require 6 to 12 months but otherwise the information is exactly right. 

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^^ And some overlays require it to be paid in full.  The program I want to use requires it paid in full.  They don't want to be 2nd behind a tax lien.

[Anonymous]

thank you all for the advice.  I put in a pre-qualification app yesterday and should've researched a little more before doing so.  Now i have a hard inquiry. thanks again.

[Anonymous]

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@Anonymous wrote:

thank you all for the advice.  I put in a pre-qualification app yesterday and should've researched a little more before doing so.  Now i have a hard inquiry. thanks again.

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At least you now know what your mortgage scores are and have time to improve the scores more.  

[DallasLoanGuy]

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@Anonymous wrote:

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@StartingOver10 wrote:

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@cartwrna wrote:
You will have to file your 2014 taxes, as well as have a payment plan setup with 6-12 months of on time payments on the past owed debt before you would ever be able to close on a home. They require copies of your previous 2 years of tax returns and run 4056t for transcripts as well. This is the basics, depending on the lender there may be other overlays as well.

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^^^Exactly. Some lenders will only require 3 months of payments others do require 6 to 12 months but otherwise the information is exactly right. 

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^^ And some overlays require it to be paid in full.  The program I want to use requires it paid in full.  They don't want to be 2nd behind a tax lien.

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they will (used to)release a lien under $25k with a payment plan set up on auto draft.

[pipeguy]

With no disrespect meant for the OP, my first thought was if you have not paid your taxes and are having a difficult time doing so (aka payment plans), is this really the time to be buying a new home? I mean the cost of a home is much more than just the mortgage, you have taxes, insurance, utilities many times a HOA (fees) and upkeep in addition to the basic mortgage. If you have enough saved for the downpayment, would not that best be used to pay your back taxes?

edit = typos as per usual