For People With Tax Problems
We help people with tax problems get the mortgages they need. If you have a Federal or New York State tax lien, you can still qualify for a competitively priced FHA mortgage provided you have an IRS installment agreement and satisfy certain Debt to Income ratios. Selig & Associates can help you accomplish both of these goals. For more information about IRS installment agreements and FHA mortgages call us directly.
IRS and State Tax Liens may remain unpaid. US Department of Housing and Urban Development (HUD) 4155.1 Chapter 4, Section A and 26 U.S. Code Sec. 6159.
In New York FHA loans are limited to $822,375 for single-family homes (and significantly more for multifamily dwellings). To qualify you must have a written IRS Installment Agreement. IRS payments may not exceed monthly debt service guidelines, viz. mortgage payments should not exceed 31% of gross monthly income and total monthly debt service should not exceed 43% of gross monthly income. Also, to qualify for a 3.5% down payment, your FICO score must be at least 580 (additional rules apply).