This is a quick reminder that borrowers can still obtain mortgage financing even if they owe income taxes. But, a payment plan with the IRS must be in place. For FHA, we need proof of three payments, and for conventional, we need proof of one payment (and it can be made in escrow).
Borrowers cannot obtain mortgage financing though if they have tax liens outstanding. We need proof that the tax liens are paid in full (release of lien) before we can close. Tax liens can also be paid in escrow in most cases.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167