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sgriffin26, Loan Officer
Category: Finance
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Experience:  Licensed RE Agent, Loan Officer, and NMLO. I have been in residential lending for over 10 years.
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If I owe back taxes can i still buy a home

Customer Question

If I owe back taxes can i still buy a home
Submitted: 3 years ago.
Category: Finance
Expert:  CGCPA replied 3 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

Yes, you can still buy a home. However, your interest rate will be a bit higher and the lender will want a higher down payment from you and will be very likely to want this tax debt paid off at closing whether from your own money or by adding it to the loan. They will see you as being a higher credit risk because the tax agency can seize the home thus pushing them to a lower position of security.

Expert:  sgriffin26 replied 3 years ago.

You can buy a house. the debt will need to be paid off before the loan will close.

What type of taxes do you owe?

Expert:  sgriffin26 replied 3 years ago.
Did you owe income taxes, property taxes, etc?
Have you owned a home before or are you a first time home buyer?
Have you had your credit score pulled lately; if so what was your score?

Thanks

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sgriffin26
sgriffin26
Financial Professional
93 Satisfied Customers
Licensed RE Agent, Loan Officer, and NMLO. I have been in residential lending for over 10 years.