Tag: delinquent federal tax

USDA – IRS Payment Plans: If a client has an IRS payment plan for the previous year and they will likely need one for the most recent year, how do we demonstrate that 3 payments were made? [Federal Tax Lien Requirements – All Agencies – Chart]

Answer: The three-month rule you are referring to applies to delinquent federal debt, and specifically refers to tax liens according to USDA. In your case there is no tax lien because the customer has set up a payment plan with the IRS, so the three-month rule technically would not apply.  I have seen underwriters in […]

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Fannie Mae & Freddie Mac – IRS Installment Agreement: What are the Fannie Mae & Freddie Mac guidelines for a borrower with an installment agreement with the IRS?

Answer: Good news if you can meet the following guidelines. Fannie Mae just rolled out with a new option for qualifying a borrower with a Federal Tax Obligation.  Freddie Mac does not have anything like this in place yet, just Fannie Mae.  See excerpt from the Fannie Mae selling guide below, which was just added […]

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