Ask Terry Questions Buying Home despite IRS payment plan

Buying Home despite IRS payment plan

By Terry Savage on April 24, 2014 | Housing / Real Estate

We are on a payment plan with the IRS, will that stop us from buying a home?I was already approved for 140,000 at BMO Harris Bank.

Terry Says:  If the bank approved you for a mortgage, knowing about your IRS payment plan, then go ahead and start shopping for a home.  But I would double-check — and get the commitment in writing from the bank!  A payment plan is just like any other debt obligation, and is taken into consideration in judging the funds you would have available for a mortgage, property taxes and insurance.



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