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Will I be disqualified from an FHA loan if I owe the IRS?
We filed our taxes the day we turned our loan application in. We're going to make payment arrangements and get the balance paid down but I don't want my loan denied for this reason. We have good credit scores and good income; this is our only negative mark against us.
2 Answers
- Lisa LLv 61 decade agoFavorite Answer
If you have to supply tax returns as a condition of the loan & it shows that you owe money you don't have, there could be a problem. If you are talking about back taxes then there could be a tax lien on your credit report & it would have to be paid.
Whatever you do, don't lie about it. Fraud is not a pretty word.
- 1 decade ago
Good question. You might but it all depends on what you owe and what you are qualified for. This chnages you dept to income ratio so this is a question you need to tell you lender asap. If you have already located the property you want to but maybe the loan can close faster then the IRS reporting on your credit.....Good Luck!!
