2007-05-27 10:17:32 · 4 answers · asked by pkmurph2002 1 in Business & Finance ➔ Renting & Real Estate
It is possible. A friend of mine who has been paying on his installment agreement with the IRS for 3 - 4 years bought a house last year.
Because of the monthly payments due to the IRS, the loan you qualify for will be lower than if you had paid the IRS off first. Also, if the IRS has a judgement against you and it hasn't been satisfied by setting up the installment agreement, that will lower your credit and make it more difficult to qualify.
But, it is possible.
2007-05-27 10:44:13 · answer #1 · answered by aj485 5 · 0⤊ 0⤋
I don't see why not. Stricter banks such as Wells Fargo of BofA may consider you "high risk" and probably will offer a loan with a high interest rate. Home loans are mostly based on your actual income and credit report/score. If you are dealing with the IRS you need to know what else is on your report before the banks do. I suggest to retrieve your credit report DIRECTLY from all the 3 companies, TransUnion, Experian and Equifax. (See the link below) Make sure that all the info is correct, even if it's bad it still should be correct. The reports are free once a year, but if you are considering buying a home, invest the few extra dollars to check your credit scores. If you know what your score is before walking into the bank then it will be much easier for the rep to know if you are eligable before running your credit. You can play the game "if my score is" then "my loan will be." The few banks that run your credit, the better. Oh yeah, don't forget to pay your monthly bills which always brings up your score 6 months later.
2007-05-27 10:40:55 · answer #2 · answered by nbt95337 3 · 0⤊ 0⤋
Yes, you can. Home loan lenders will want to see that you've been making on-time payments to the IRS, and that the rest of your credit profile is solid. If your credit score is high enough, and your employment history shows at least 2 years of stable employment, and your rental history is solid over the last year, you may be able to qualify for a home loan. Good Luck!
For FREE California mortgage information, please visit my website http://www.findmyloanonline.com
This site is loaded with FREE reports, mortgage calculators, and a FREE home buying guide that reveals the insider secrets big banks don't want you to know about.
2007-05-31 09:38:08 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Probably, as long as you're current with the payments.
2007-05-27 10:39:41 · answer #4 · answered by Judy 7 · 0⤊ 0⤋