How To Get A Home Loan with IRS Problems!

Do you have IRS Issues that is preventing you from buying a new home?  Or maybe you have been denied new home loan because of it. Are there liens and judgments on your credit report that caused the denial? Well we have some helpful advice for prospective homebuyers seeking a new home mortgage or even refinancing home loans.

Get an Experienced Mortgage Lender

A good Loan Officer has run into this tons of times before and has the experience to help you overcome some of these issues. Many times we speak to homeowners who have been told something that just lacks experience. The IRS wants you to own a home, make money, have a good life and pay your bill. The easiest way is to have the IRS subordinate their liens. This usually takes a payment arraignment worked out with them in advance. What the loan subordination means is the IRS will give the lender a release and take a second position behind the new home loan if the borrower has worked out a payment arraignment. It’s never a sure thing but we are seeing many examples of their cooperation when the homeowner makes a serious effort to resolve the issue.

File Your Taxes

If you have not filed your Income Taxes, you will not get approved for a home loan. Many borrowers send in all kinds of pay check stubs, bank statements, ect to show income but do not realize mortgage calculated income if off their last 2 years tax returns. It is actually an average of the last 24 months. Before beginning the mortgage qualification process, get your taxes filed.

Get Your Home Loan Documents Organized

The mortgage loan banker will need 2 years recent tax returns, last 2 months bank statements, all pages, 2 recent pay check stubs from all borrowers on the loan, photo ID from both and several other items based on your situation. Like Social Security Award letters or retirement income information. Be prepared and get the entire list done in advance.

Use A Mortgage payment Calculator

Find out exactly how much house payment you can afford. Your loan banker will calculate your income against your debts including any IRS monthly payments you have negotiated to determine your new home loan qualification. The same will be used if you are applying for a mortgage refinance. If you have questions, Please contact us at 877-244-9190

 The Home Loan Team at Mortgage Consumer