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How To Get A Mortgage When You Owe The IRS Back Taxes…
Many people don’t think it’s possible to get a mortgage if you owe the IRS back taxes.
I’m happy to tell you that it is possible, and this is how you do it…
1) If you owe the IRS back taxes you have to take the initiative and make a payment plan with the IRS right away.
Generally, if you make a payment plan right away with them they won’t file a lien against you.
If you wait and do nothing with your balance owed to the IRS – then the IRS will place a tax lien against you and at this point you won’t be able to get a mortgage.
Once a public record lien shows up on your credit – you will have to pay off the entire amount and settle the lien before you can get a mortgage.
2) If you have a history of making payments on your IRS back taxes for 12 months without any late payments then you can get a mortgage with me (assuming you qualify otherwise).
My underwriter will treat this payment as he/she would with any other installment loan.
If you are in this situation – give me a call and I can most likely help you out!
…or, to get a mortgage right now just fill out this simple application.
To sign up for more tips like this one click here.
I hope you have a great day! Thanks for reading!
Brett
HUD Set To Reduce Seller Help On FHA Loans…
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Can You Get A Gift On A Conventional Loan?…
If you have been following my posts you have probably learned that you can get a gift from a relative for your down payment on an FHA loan.
Many don’t realize this, but you can also use a gift for a conventional loan down payment!
The guidelines have changed on this in the past few years. It used to be if the loan to value ratio was over 80% the borrower could get a gift for down payment, but the borrower still had to bring 5% of their own
funds.
…That’s not the case any more!
A borrower can get a gift from a relative for the entire down payment on a conventional loan – it doesn’t matter if it’s 5% down or 25% down. …it can all be a gift!
…and, they don’t have to bring any of their own funds in the transaction.
Brett
To sign up for my weekly mortgage quick tips - CLICK HERE.
To download this report “4 Easy Ways To Get Someone Else To Pay Your Closing Costs!” - CLICK HERE.
How To Get A Mortgage With A Low Credit Score…
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Important Tip When Using A Gift For Your Down Payment…
If you are planning on using a gift as the down payment on an FHA mortgage – here’s a tip for you…
You will want to prepare the gift giver for this.
They may feel it’s a bit intrusive for them to have to show their bank balance, but it’s just part of the documentation required in the mortgage industry.
That’s it for today!
Brett
To sign up for my weekly mortgage quick tips - CLICK HERE.
To download this report “4 Easy Ways To Get Someone Else To Pay Your Closing Costs!” - CLICK HERE.