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IRS Installment Agreements and Mortgage Requirements

peter1974
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements


@JVille wrote:

It's a Debt whether in your report or not. Do not commit Mortage Fraud by failure to disclose a debt.


I don't think anyone here is trying to not disclose theirs. My original question was whether my IRS payment agreement info would be reflected when they pull tax transcripts or do I need to supply that separately.

 

I ended up sending the info separately anyway.

Message 11 of 22
vertekal
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements

I have no problem disclosing it. It won't be factored in to my approval as long as it's not on a credit report. 

FICO 8:
EQ: 1/2018: 494 | 4/2021: 652 (+158)
TU: 1/2018: 536 | 4/2021: 657 (+121)
EX: 1/2018: 499 | 4/2021: 641 (+142)

Mortgage Scores:
EQ: 9/2020: 560 | 4/2021: 648 (+88)
TU: 9/2020: 564 | 4/2021: 649 (+85)
EX: 9/2020: 576 | 4/2021: 672 (+96)

Message 12 of 22
CreditCuriosity
Moderator Emeritus

Re: IRS Installment Agreements and Mortgage Requirements

It will be on your tax forms submitted among bank statements so any UW should see it, but should be up front with them as well.  I made them aware of mine when I use to owe thankfully paid off now.  Suprised that your payment is only 400 a month at 50k owed...  Doesn't seem like you will have it paid off it time frame i believe 7 years is longest you can go?  

Message 13 of 22
JVille
Valued Contributor

Re: IRS Installment Agreements and Mortgage Requirements

@peter1974  my response was not directed at you. Another poster commented that he was advised by his lender  he did not need to disclose the Debt/Pmts if it did not appear on his credit report.

Message 14 of 22
peter1974
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements


@CreditCuriosity wrote:

It will be on your tax forms submitted among bank statements so any UW should see it, but should be up front with them as well.  I made them aware of mine when I use to owe thankfully paid off now.  Suprised that your payment is only 400 a month at 50k owed...  Doesn't seem like you will have it paid off it time frame i believe 7 years is longest you can go?  


I went through a tax service and was able to get an Offer in Compromise. 

Message 15 of 22
peter1974
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements


@JVille wrote:

@peter1974  my response was not directed at you. Another poster commented that he was advised by his lender  he did not need to disclose the Debt/Pmts if it did not appear on his credit report.


Ah ok!

Message 16 of 22
peter1974
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements

I just wanted to provide an update: I’m on my second round of conditional approval document requests. This time they asked for my current IRS account statement, payment plan documentation, balances from the last 3 years and payment history.

 

I quickly provided the documents, but I'm concerned the high balances will cause a snag. I've been on the plan since summer of 2019 and the account is current. I've had on time pay since I started the plan. Payments were suspended from April to June due to the COVID CARES act, but otherwise perfect.

 

Do I have anything to be concerned about?

 

 

Message 17 of 22
peter1974
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements

I forgot to mention above that this is an FHA loan.

Message 18 of 22
peter1974
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements


Any feedback or insight?

Message 19 of 22
peter1974
Regular Contributor

Re: IRS Installment Agreements and Mortgage Requirements

Bump

Message 20 of 22
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