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Mortgage application and overdue federal tax

rblack
Member

Mortgage application and overdue federal tax

Question?? We are paying our overdue federal taxes via installment agreement. Never missed a payment and tax obligations.. nowhere on our credit reports.and no liens. Mortgage scores around 675, 4%utilization on CC. Excellent payment history. 2 unpaid medical collections in 2015 and 2017. annual income 100k..solid work histories.. 4+years .looking for input or advice on how this tax obligation will affect our chances for a mortgage.
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2 REPLIES 2
NC_Mtg_Loaner
Valued Contributor

Re: Mortgage application and overdue federal tax

The payment amount will be included into your DTI and you'll likely need to show proof of regular payment history.  (3 or 4 payements depending upon which loan product/program for which you are applying)

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Licensed NC Mortgage Loan Originator
Message 2 of 3
homeloanexpert
Established Contributor

Re: Mortgage application and overdue federal tax

Based on your scenario, you are a good candidate for either an FHA or VA loan and possibly a USDA loan depending on your household size. We disregard all medical bills now so no need to worry about those. 

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, ID, IL, IA, IN, LA, MI, MO, MS, NC, NV, OH, OK, OR, SC, TN, TX, VA and WI.
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