Posted on: 16th Nov, 2012 08:33 am
I have a private student loan that I stop paying on in 2008 because I became unemployed for almost a year. When the creditor contacted me again two years later, I was unemployed again. Of course it went to a collection agency and when they contacted me for payment, the amount they were asking for I could not afford and they where not willing to negotiate a lower payment. Now I recieved a judgement for the loan and am making payments, but I am wondering since it is a student loan can I still recieve a FHA mortage. I have been gainfully employed for 3 years now and haven't had any late payments because I am working. I have a 401k that I would like to use for my down payment and my credit was decent until I recieved this judgement. Would a mortage company still deny me? Should I tell a mortage company upfront my situation? Would that increase my chances or am I stuck?
FHA will allow if you have an acceptable payment arrangement with the creditor. Once you have this in place, the lender, if you qualify otherwise should be able to provide financing. Good luck
Hi rjwilliams!
Welcome to forums!
If you're paying the student loan as per the judgment, then I don't think FHA will create any issues in this regard. If you meet all the other required criteria of the lender, you will be able to get qualified for mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're paying the student loan as per the judgment, then I don't think FHA will create any issues in this regard. If you meet all the other required criteria of the lender, you will be able to get qualified for mortgage.
Feel free to ask if you've further queries.
Sussane
As long as you have been making payments on time for at least a year, you should not have any issues obtaning an FHA loan, as long as you meet the lender's criteria for employment, assets, income, debts and down payment.
It is better to offer all the information up front to your loan officer and have the proper documentation ready to send to them. so have have a copy of the judgement and proof of payments being made on time in addition any of the other conditions the loan officer may require. Feel free to contact us 7 days a week if you have any further questions. We lend nationwide.
It is better to offer all the information up front to your loan officer and have the proper documentation ready to send to them. so have have a copy of the judgement and proof of payments being made on time in addition any of the other conditions the loan officer may require. Feel free to contact us 7 days a week if you have any further questions. We lend nationwide.
Hi rj, like those before me said you may still be eligible for an FHA loan, however if you have a judgement recorded against you, it would make title insurance a problem. You will more than likely have to negotiate with the creditor to remove the judgement (at least temporarily) so the new deed could be recorded.
Good luck!
Good luck!
Thanks for your opinion... Greg :)