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Tax Liens and Credit Report - The Bills.com Blog
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Tax Liens and Credit Report
Question: How will you help me own my first home if I have tax liens - both federal and state - in my credit report? I have agreement with both and presently paying those. Please respond, I am very exited to hear from you if I can have a home of my own with your help.
Answer: Thank you for visiting Bills.com. Here is an answer to your question- which I think I can help you with.
Credit rating is one factor in making a loan decision. Given your tax lien, which is most likely reported on your credit report, it will be more challenging to get approved for a loan. Additionally, if you are seeking a refinance loan, your liens will have to be paid off before any additional cash out can be
taken from your property.
Keep in mind, however, that if you have accumulated equity or have a sizable down payment, that could provide the cushion in an LTV (loan-to-value) calculation to get your approved. Most of all, it cannot hurt to apply and see what lenders think of your own situation.
Bills.com makes it easy to compare mortgage offers
and different loan types. Please visit the loan page and find a loan that meets your needs.
I hope that his helps you make the right decision for your particular situation, but be sure to shop around and find a loan that meets your needs.
Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by Joe on Tuesday 1st May 2007 12:18
I have a tax lien that I paid off 10 years ago. How long do I have to wait before it is taken off my credit report. Do I have to contact any of the credit bureaus to remove that after the 19th of this month.