an approved monthly IRS agreement containing the terms of repayment, including the monthly amount of the payment and the total amount owed; and note: Payments for a federal agreement on income tax rates may be excluded from the borrower`s DTI rate if the agreement meets Fannie Mae`s terms for debts paid by other people or debts to temper. proof that the borrower is up to date with payments related to the tax rate plan. Among the acceptable evidence is the latest IRS payment reminder, which reflects the last amount and date of payment, as well as the nearest payment amount and due date. At least one payment must have been made before closing. Deferred debt must be included in the borrower`s monthly recurrent debt rate. In the case of deferred debts other than student loans, the lender must obtain copies of the borrower`s letters of payment or leniency agreements so that a monthly payment amount can be determined and calculated and used to calculate the borrower`s monthly liabilities. If a borrower is held to a non-mortgage debt – but is not the party that actually repays the debt – the lender may exclude the monthly payment of the borrower`s recurring monthly bonds. This directive applies whether or not the other party is held to the fault, but does not apply if the other party participates in the transaction of the subject (for example. B seller or broker). Non-mortgage receivables include installment loans, student loans, revolving accounts, rents, alimony, child care and separate support. See below for processing payments due under a federal income tax rate agreement. When a borrower has debts that have been assigned to another party by court order (para.
For example, by a divorce decree or separation agreement) and the lender does not absolt the borrower from liability, the borrower has a potential liability. The lender is not required to account for this potential liability as part of the borrower`s recurring monthly obligations. Lease payments must be considered recurring monthly debt obligations, regardless of the number of months remaining in the lease. This is because the expiry of a rental agreement or a car usually results in either a new lease, the purchase of the existing lease, or the purchase of a new vehicle or house. When a borrower has entered into a tempé contract with the IRS to repay federal income taxes payable, the lender may include the monthly payment amount as part of the borrower`s monthly obligations (instead of full payment) if: there are a few exceptions for payment plans (phased payment agreements), IRS payments are included.