Chicago, IL. (August 12, 2024) — Neil Bader, Executive Vice President and National Director of Retail Lending at The Federal Savings Bank, has been featured in Can You Get a Mortgage When You Owe the IRS, an article from U.S. News & World Report®.
While getting a mortgage with a tax lien under your belt can be difficult, it’s not impossible. “The thing that makes the tax lien trickier than maybe some of the other pieces of debt that they might have is that it doesn’t show up on the credit report. So it would typically be a much later stage discovery,” says Neil. Because of this, it’s important for borrowers to disclose debts, including tax liens, early on.
Some loan programs can help you buy a home despite having a tax lien, and you may be able to pay off the lien with a personal loan or credit card. No matter what you choose, it’s important to disclose to your lender. Neil mentions they’ll need to know ahead of time so they either include an additional debt in your debt-to-income ratio or issue a loan you could use to retire the lien at closing.
Dive into the full article at https://money.usnews.com/loans/mortgages/articles/can-you-get-a-mortgage-when-you-owe-the-irs
Contact:
The Federal Savings Bank
Neil Bader
NMLS#1005678
https://www.thefederalsavingsbank.com/leadership/neil-bader/
About The Federal Savings Bank:
The Federal Savings Bank is a federally chartered bank, veteran founded and operated. We are proud to be a nationwide mortgage lender, supporting borrowers in all 50 states. We believe in unparalleled experience, exceptional customer service, operational excellence, and community beyond walls.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.
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