     Shelby Hrcek (Shelby) | Sunday, April 15, 2001 - 09:27 pm 
Can I qualify for a conventional mortgage if I have defaulted student loans that are in the process of rehabilitation....meaning that I am making payments towards rehabilitation but it won't be completely rehabilitated until June 2002. But I am hoping to buy a house before then. Is this possible? |
| Don Semler (Dsemler) | Monday, April 16, 2001 - 04:15 pm
Probably not conventional as your scores will most likely be to low.
Before this question can be accurately answered I need soem other info:
1) how much are you or so you have to put down?
2) what is the rest of your credit like(detailed)?
3) what price are you going to buy?
4) how much is your current rent payment?
5) what is your current income and source(salaried, Self employed, etc)?
With these answers, i may be able to point you in the right direction. |
| Shelby Hrcek (Shelby) | Monday, April 16, 2001 - 09:03 pm
We know that we do not qualify score wise for a conventional mortgage at this time but we are working towards it...we are working with Junum to remove negatives, have students loans in the process of being rehabilitated, paying off collections, etc. I have been told that we need credit scores of at least 650 to qualify. My question is that if we get our scores up to this will the student loans that are not paid off but in the process of rehabilitation stand in our way? To answer the rest of your questions....we plan on putting 5% down ...looking at around $250,000 purchase price, our current rent is $1500. Our current combined income is $115,000 gross. We are not self employed. FHA has a limit of 223,000 in our area. This is why we are looking to conventional financing. My husband is also a vet....would a VA loan be a possibility? |
