On IRS Payment plan, looking for a home.
Hi there Lender 411 professionals. I have been on a IRS payment plan since Feb, 2019. $450/month, for 6 months. Can I not have this included in my Debt to Income? It will be paid off in October. by kempsonc483 from Newport Beach, California. Jul 29th 2019
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Probably. The old rules were that any installment payments with less than 10 months remaining could automatically be not counted. The current rules say that is still basically true, but it is either up to the underwriter to review your overall profile and decide if it is safe and prudent to not include those, or we must run your application through the AUS (Automated Underwriting System) computer, and it will tell us if we can exclude. I lend in MN, WI, SD, and can be found at iMortgageJoe.com - NMLS274132
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
you should be Ok to not use it
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