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Getting a mortagage while owing IRS


BrainDonor
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Here's what I have going on...

My fiancee and I have put an offer on a house, had the inspection, appraisal, etc. The loan has gone to the "underwriters" and I am wondering that when they see my paycheck stub has a garnishment that it may cause a problem. The money I owe the IRS is being taken from my checks by voluntary garnishment and does not show on any of my credit reports. This was not a forced garnishment. I figured that it would be much easier to just have it take from my checks automatically so I wouldn't have to mail a check...and not even think about it. Anyway, my questions are...how close do they look at the paystubs?...and is this something I need to worry about? Thanks in advance.

Tom

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I dont think it would affect you getting the house, depending on the sum of the garnishment.....If the IRS didnt get a judgement or something against you this would be just like paying another bill, child-support, etc....Of course they (Loan people) would likely add it to your debt ratio's but this should have been looked at before you qualified for the loan. Honestly I wouldnt say anything about it, when I got qualified for a home I had to provide my military LES...Not sure if you've ever read one but they are hard as hell for someone to decipher if you dont know what your looking at. I had about two allotments/deductions going out at 300.00 per month...They didnt ask me about them. I think they just were looking at my gross income and housing allowance and forgot the rest...

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I also would not worry about it, as much because there is nothing to be gained by the worry. If this lender does not like the deal, then another one may have no problem with it.

For example, there are some lenders that will approve with open collections and others that want them paid etc, they all have their programs and the rates reflect the risk that they are willing to take.

Charles

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