can you get an fha mortgage with tax lien and some judgements

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Icon Mini Profile radkinsjr





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Post Posted: Wed Sep 17, 2008 11:45 am    Post subject: can you get an fha mortgage with tax lien and some judgement
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tax leins and judgements are over 3 years old
Icon Mini Profile adonis
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Post Posted: Thu Sep 18, 2008 12:18 am    Post subject:
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Welcome radkinsjr,

In order to qualify for an FHA loan, you should have at least 1 year of clean credit report. All judgments should be paid off in full prior to closing. If a collection account requires a low payment, you need not pay it off in order to get the loan approval.

Federal debt such as tax liens often prevents one from qualifying for an FHA loan. You need to arrange for payment of such debts so that you can get the loan approval.

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Icon Mini Profile radkinsjr





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Post Posted: Thu Sep 18, 2008 8:54 am    Post subject: tax leins & judgements
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thanks for your reply, I am working on clearing them up, fortunately its only a few. I just wanted to be certain what I heard was true. Thanks
cindylu628

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Post Posted: Thu Oct 09, 2008 7:46 pm    Post subject: mortgages and federal tax liens
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My credit is good except for an old federal tax lien that I will never be able to pay off. Is there any chance of getting a mortgage?
Icon Mini Profile jerry
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Post Posted: Fri Oct 10, 2008 3:37 am    Post subject:
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Hi cindylu!

A tax lien will definitely harm your credit score but I think you can get a mortgage. Speak to a lender and check the options available in your case.

Thanks,

Jerry
lisa34465

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Post Posted: Tue Dec 09, 2008 7:13 pm    Post subject: judgements
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I have 2 judgements on my report one goes back to 1995 they renewed it in 04, and I have another one from an old landlord in 04 . what are my chances of getting a loan. my fica score is about 640 ?
Icon Mini Profile stephenie1
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Post Posted: Wed Dec 10, 2008 1:35 pm    Post subject: judgements
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Hi Lisa,
We would have to look at the entire situation and it would be up to the Underwriter. However, it would be best to settle the situation and have the judgement paid.

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becky

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Post Posted: Tue Dec 30, 2008 7:39 pm    Post subject: judgements and getting a home loan
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We've been conditionally pre-approved for our first mortgage through FHA, but I just got a letter saying that there's been a default judgement (for about $3,000) awarded against me. Our credit scores are fine other than that. Is this going to prevent us from getting a home loan? How long does it take for a judgement to appear on our credit reports? And if they do require us to try and resolve it, do we have to pay the whole thing off or could we set up a payment plan instead?
becky

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Post Posted: Tue Dec 30, 2008 7:41 pm    Post subject: judgements & mortgages
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the judgement was for an old credit card...sorry, forgot to mention that. Also we're in Texas, if that helps. Thank you!
Icon Mini Profile Niicss
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Post Posted: Wed Dec 31, 2008 1:38 am    Post subject:
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Hi becky

As far as I know, a judgment stays on your credit report for at least 7 years. It will also affect your credit. It will be better if you can pay off the old credit card debt. If you pay it off, it would be listed as "satisfied" and be expunged after the 7 years expired. It will be the lender's discretion whether he will give you the loan or not.

Thanks.
Cheryl

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Post Posted: Thu Jan 08, 2009 7:42 pm    Post subject: IRS tax lien
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We would like to get a VA loan, however we have a tax lein appx 25,000. our income is recently at 100k, could we qualify for a loan, if we set a payment plan. We were on a plan originallly, we had to default, not sure if they would re-set up again for us...afraid to call. Any chance we would qualify, credit score are about 630.
Icon Mini Profile adonis
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Post Posted: Fri Jan 09, 2009 1:18 am    Post subject:
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As far as I know, a lender will not be ready to give a loan if you have a tax lien on the property.
Quote:
We were on a plan originallly, we had to default, not sure if they would re-set up again for us
Did you already had a mortgage on the property which you have defaulted? In that case, you should speak to the lender and check out if you can get an option for loan modification or not.
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renee

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Post Posted: Wed Apr 15, 2009 1:22 pm    Post subject: preparing for FHA loan
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I am preparing to build a home which should be finished in Sept. I have taken steps to despite and correct items on my credit report as well as applied for a secured credit card to help boast my credit score. Everything is going well, except I will owe taxes for 2007 about $5000.00. Will owing taxes prevent my FHA loan to get approved if I have started setting up payment plan.
Icon Mini Profile jerry
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Post Posted: Thu Apr 16, 2009 5:44 am    Post subject:
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Hi renee,

Any tax liens placed on the property can prevent you from qualifying for an FHA loan. But if you have worked out a repayment plan and have made payments on time for the past six months, you can qualify. You can also qualify if the lien holder subordinates the tax lien and takes a second mortgage position.

Thanks,

Jerry
Icon Mini Profile gmakerley
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Post Posted: Thu Apr 16, 2009 7:37 am    Post subject:
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renee, you'll have to hope you find the right lender. allowing a tax lien is up to the lender, and many will require that you have it paid off.
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