The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 22nd, 2016

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NASHVILLE, TENNESSEE

Home Buyer’s Korner

Real Estate G+

Mortgage Lender

General Contractor G+

FHA~Federal Tax Liens & Other Delinquent Debts

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Depending on the circumstances, having a federal tax lien against a home buyer can hurt the chances of FHA loan approval. Some lenders simply will not approve an FHA application, while others will if certain conditions have been met.

The Internal Revenue Service (IRS) routinely takes a second lien position without the need for independent documentation on any real estate a home buyer, owner or may own in the future when a delinquent tax obligation exists.

For this reason, eligibility for an FHA mortgage is not jeopardized by outstanding IRS tax liens, unless the lender has information that the IRS has demanded a first-lien position. Notification normally happens when your title agent does a tax search and gets information from the IRS, as to their position regarding the lien. Tax liens may remain unpaid if the IRS is willing to subordinate the tax lien to the FHA-insured mortgage.

If an agreement has been made with the IRS to make regular payments, they must be included in the qualifying ratios.

There’s also another concern that needs to be addressed, if the home buyer have an unpaid delinquent federal debt.

If after checking public records, your credit report and CAIVRS, which is an internal service FHA uses to check for any outstanding federal tax liens is found to presently have a delinquent Federal debt or has had a lien (including taxes) placed against them, the home buyer is not eligible for an FHA mortgage until:

  1. The delinquent account is brought current, paid, or otherwise satisfied, or
  2. A satisfactory repayment plan has been established between the home buyer and the Federal agency owed and verified in writing.

Generally, an FHA mortgage lender will require at least three payments have been made with respects to the agreement and those payments had to of been paid in a timely manner.

Tax liens may remain unpaid provided IRS will subordinates the tax lien to the FHA-insured mortgage, which your title agent confirms when completing a lien search against the home buyer with their social security number.

For more information on these rules as they pertain to you and your specific circumstances, it’s advised you discuss your particular circumstance with your mortgage lender immediately and confirm their policy stand.

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TENNESSEE HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

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Here are just a few of the home improvements

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Repair or replace a roof

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Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

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tree removal, repair a driveway and sidewalks

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