From what im reading CAIVRS is where tax debt comes up and only Federal funded programs require that. I think if i can do Conventional i can payment plan the IR$.
Gonna ask my LO to confirm this tomorrow. Sure would rather put $15K into my house up front.
Read something made me fall out of my chair earlier. If a family member gifts you say $10,000 to get into a house with 20% down the IRS will want some of that gift.
Now yer short again after they take 25%.
I mean who would have thought hey i want to help my son out heres 10 grande then have to send IR$ 5 grande for that right to gift yer son.
They can give you 14K each, no prob as far as the IRS goes. http://www.forbes.com/sites/deborahljacobs/2012/10/18/irs-raises-yearly-limit-for-tax-free-gifts/
How nice of them.
The 4506-T is just matching return with IRS with what you submitted.
Its the CAIVRS all FHA loans require that check for Federal debt.
FHA all tax has to be paid or on payment plan for minimum 6 months usually one year.
So if you havent been a plan with IR$ for 6 months dont even try FHA no house for you.