Owing the IRS can complicate your life in ways you may not even realize. For example, if you want to buy a new home, but have back taxes, you may find it difficult to secure a mortgage. This is especially true if the IRS has a tax lien in place. Although navigating the home-buying process can be challenging with tax debt, it’s not impossible. It just requires some careful planning and proactive financial management.
¿La deuda fiscal le impedirá comprar una casa? Realidad vs. ficción
Si bien la deuda tributaria puede, sin duda, plantear desafíos a la hora de comprar una casa nueva, es esencial distinguir los hechos de la ficción. En esta sección, desmitificaremos algunos mitos comunes en torno a la deuda tributaria y la compra de una casa.
Mito 1: Tener deudas tributarias lo descalifica automáticamente para obtener una hipoteca. Realidad: Aunque la deuda fiscal puede dificultar la obtención de una hipoteca, no necesariamente impide que se la aprueben. Los prestamistas evalúan cada caso individualmente, teniendo en cuenta factores como el monto de la deuda, su perfil crediticio general y su capacidad para gestionar las obligaciones financieras.
Mito 2: No se puede comprar una casa hasta que la deuda tributaria esté pagada en su totalidad. Realidad: Si bien lo ideal es resolver la deuda tributaria antes de solicitar una hipoteca, algunos prestamistas pueden considerar su solicitud si tiene un plan de pago vigente con el IRS y ha estado realizando pagos de manera constante durante un período específico. Los préstamos VA, por ejemplo, requieren un mínimo de 12 pagos consecutivos antes de que consideren su solicitud.
Mito 3: La deuda fiscal solo afecta su solicitud de hipoteca si existe un gravamen fiscal. Realidad: Incluso sin un gravamen fiscal, la deuda fiscal pendiente aún puede afectar negativamente su solvencia y su relación deuda-ingreso (DTI), que son factores cruciales en la aprobación de una hipoteca.
How Tax Debt Affects Mortgage Approval
Owing back taxes doesn’t automatically disqualify you from obtaining a mortgage. However, unresolved tax debt can complicate the approval process. Lenders assess your financial responsibility, and outstanding tax obligations may raise concerns about your ability to repay a home loan.
1. Impact on Creditworthiness
Although tax debt itself might not appear on your credit report, the IRS can file a Notice of Federal Tax Lien, which becomes public record. This lien indicates the government’s legal claim against your property, signaling to lenders that you’re a higher-risk borrower. Such liens can hinder your ability to secure favorable mortgage terms or even lead to loan denial.
2. Debt-to-Income (DTI) Ratio Considerations
Lenders evaluate your DTI ratio to determine your ability to manage monthly payments. Tax debt increases your total obligations, potentially pushing your DTI ratio beyond acceptable limits. Maintaining a lower DTI ratio is crucial for mortgage approval.
3. IRS Payment Plans and Lender Perception
Establishing a formal payment plan with the IRS demonstrates your commitment to resolving tax debt. Lenders view this positively, especially if you’ve made consistent, on-time payments for at least three months. Documentation of this agreement and payment history can bolster your mortgage application.
Strategies to Improve Mortgage Approval Chances
Si está planeando comprar una casa nueva pero debe dinero al IRS, hay algunos pasos que puede seguir para aumentar sus posibilidades de obtener un préstamo.
- Settle Tax Debt Before Applying. Paying off your tax debt in full eliminates potential red flags for lenders. It also prevents the IRS from placing liens on your property, simplifying the mortgage process.
- Enter an Installment Agreement with the IRS. If immediate full payment isn’t feasible, negotiate an acuerdo de pago a plazos. Ensure you adhere to the payment schedule, as consistent payments over several months can positively influence lender decisions.
- Consider FHA Loans. Federal Housing Administration (FHA) loans are more lenient regarding tax debt. If you have a payment plan in place and meet other criteria, such as a satisfactory credit score and DTI ratio, you may still qualify for an FHA loan.
Dealing With Tax Liens
A tax lien significantly complicates the home-buying process. Lenders are hesitant to approve mortgages when the IRS has a legal claim on your assets. To address this:
- Pay Off the Lien: Settling the debt removes the lien, clearing the path for mortgage approval.
- Request Lien Subordination: The IRS may agree to subordinate its lien, allowing your mortgage lender to take primary claim over the property. This doesn’t remove the lien, but it can make lenders more willing to approve the loan.
Pensamientos Finales
Although owing the IRS presents challenges in buying a home, it’s not an insurmountable obstacle. By proactively managing your tax debt, maintaining open communication with lenders, and exploring flexible loan options like FHA loans, you can increase your chances of securing a mortgage. For personalized strategies tailored to your specific financial situation, consult with a tax professional or a mortgage advisor.