With mortgage rates near all-time lows, the demand for refinancing remains high despite the COVID-19 pandemic. Is it OK if I have a payment plan with the IRS? Answer: Good news if you can meet the following guidelines. This question is very common, especially seeing as the IRS has become more and more involved in the underwriting process. Fannie Mae just rolled out with a new option for qualifying a borrower with a Federal Tax Obligation. One such tool that lenders can use to calculate self-employment income is LoanBeam’s FNMA SEI 1084 workbook. Uniform Instruments Freddie Mac and Fannie Mae/Freddie Mac Notes, Riders, Security Instruments, and other documents. IRS Debt vs. Other Types of Tax Debt. Learn more. The servicer must... Revoke any escrow deposit account waiver and establish an escrow deposit account prior to the beginning of the trial payment period in accordance with Fannie Mae’s requirements, unless the borrower is current on the payments for taxes, special assessments, property and flood insurance premiums, premiums for borrower-purchased MI, ground rents, and similar items … Fannie Mae partners with lenders to decrease risk. The transaction is not eligible for delivery to Fannie Mae if the subject property is listed for sale at the time of disbursement of the new mortgage loan. If a Federal Tax Lien is in effect, Fannie Mae will require you to have the delinquent taxes paid in full prior to or at closing even if you have an IRS payment plan in place. These days, underwriters have begun to dig in to a borrower’s financial history and have focused in on whether or not there are any unpaid debts owed to the IRS. There can be no Federal Tax Lien filed against the potential borrower in the same county where the property in question is located. Streamline your refinance process. The only way around this is if the lien is paid in full. This is because the IRS has a due process for tax collection, including the option to settle your back taxes. 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? Together, our shared commitment increases the level of quality and risk oversight delivering certainty to lenders and Fannie Mae. Exhibits Exhibits referenced as part of the Guide unless otherwise indicated. IRS Form 4506-t 9 www.irs.gov Calculating Income The IRS Form 4506-T –IRS document used to retrieve past federal tax return transcripts, 1065, 1120S, 1120, or W-2 and 1099 transcripts that are on file with the IRS. complete the cash flow analysis provided the tool applies the same principles as Fannie Mae’s Cash Flow Analysis (Form 1084). You may owe state income taxes or property taxes in addition to federal taxes. When a borrower has entered into an installment agreement with the IRS to repay delinquent federal income taxes, the lender must include the monthly payment as part of the borrower’s monthly debts. According to HUD 4000.1, the FHA Loan Handbook, “Tax liens may remain unpaid if the Borrower has entered into a valid repayment agreement with the federal agency owed to make regular payments on the debt and the Borrower has made timely payments for at least three months of scheduled payments.” Delinquent credit—including taxes, judgments, charge-offs of non-mortgage accounts (see below for exceptions), tax liens, mechanics’ or materialmen’s liens, and liens that have the potential to affect Fannie Mae’s lien position or diminish the borrower’s equity—must be paid off at or prior to closing. See … According to Fannie Mae’s guidelines for monthly debt obligations, if you have entered into an installment agreement with the IRS that repays a portion of your tax debt every month, lenders can include that debt payment into your total monthly debt load. AllRegs The Guide on AllRegs is the official electronic version of the Single-Family Seller/Servicer Guide. 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