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My husband and I would like to purchase a home but we have a federal tax lien that was filed against us in 2006 for back taxes. We have tried two different times to settle the tax debt with the IRS through an offer and compromise with no success, but we were able to set up a payment plan last year and have made all our payments on time. Other than the tax liability, we are debt free with great credit scores. We also have an aunt who is willing to co-sign for us if needed. Are there lenders out there who will give us a home loan with 10-20% down?

jenkin7 · Posted: Thu Nov 05, 2009 11:01 pm Post subject:

Hi Krystal,

If you have set up a payment plan with the IRS to pay off the back taxes and have made your payments on time for the past 1 year, you stand a chance to qualify for a home loan. Your credit score is said to be good and you also do not have much of debts. A 20% down payment would be perfect as you will not have to bear the extra cost of mortgage insurance. If case you do not have enough income, your aunt can co-sign with you to help you qualify for the loan.

I think you should contact any local lender to find out your chances of qualifying for a home loan. You can also go for a no-obligation free mortgage consultation with the lenders in this community. They will assess your financial situation, your credit score and other required factors and will let you know if you can get approved for a loan. They will also be able to tell you which type of mortgage will be best-suited for your situation.

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