How To Get A Mortgage While Making Payments To The IRS For Back Taxes…

Of all the blog posts I’ve made over the years this one particular post gets searched for and read more than any other…

…So, I wanted to touch on it again here to remind you that it is possible to get a mortgage if you owe the IRS back taxes.

Here is what it takes…

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).

The underwriter will treat this payment as he/she would with any other installment loan. (such as a car payment)

If you are in this situation – give me a call and I can most likely help you out!

That’s it for today!

Have a good day today!  …and thanks for reading.

Brett
To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.

To sign up for my weekly mortgage quick tips – CLICK HERE.

Only 3% Down Up To $417k On This Loan Product…

Here’s an easy way to put down only 3%, pay no up front Mortgage Insurance, and get a very competitive rate…

…It’s Fannie Mae’s 97% purchase product!

Here are some of the important features of this product…

1) Owner-occupied primary residence only.

2) Minimum 720 FICO score.

3) 3% down payment must come from the borrower’s own funds.

4) 1-unit attached and detached single family residence, attached and detached PUDs.

5) Purchase and rate/term transactions.

6) Maximum DTI 41%.

7) 15, 20, 25, and 30-year loan terms.

8)  No up front MI (like you would have on FHA).

9) Loan amounts up to conforming limits (417k in Texas).

This is a great product.

If you meet the credit criteria listed above, and you only want to put 3% down on a house – then call me and I can help you with this.

That’s it for today!

Have a good day today!  …and thanks for reading.

Brett
To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.

To sign up for my weekly mortgage quick tips – CLICK HERE.

How You Can Get Mortgage Insurance With A Higher DTI…

Did you know that it is possible to get mortgage insurance on a conventional loan with a debt to income ratio higher than 45%?

…it’s true!

For a long time you couldn’t find an MI company willing to write mortgage insurance on a conventional loan with a DTI higher than 45%.

Now there are some companies that will.

…However, the caviat is that you must receive an Approve / Eligible on the file when it’s run through the automated underwriting engine.

Nowadays this is a little more tricky than it used to be. Fannie Mae has tightened their underwriting in their automated engine.

Sometimes it’s hard to get an Approve / Eligible with a DTI over 45%. However, it can be done.

So, if you have a debt to income ratio a little over 45%, and you have been told it’s impossible to get MI with your DTI – that’s not necessarily true.

Tell your mortgage loan officer to run it though the automated underwriting engine and see if it will give him or her an approval.

If they do get an approval they should be able to do the loan. If they can’t give me a call! …I may well be able to help you!

That’s it for today!

Have a good day today!  …and thanks for reading.
Brett
To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.

To sign up for my weekly mortgage quick tips – CLICK HERE.