J.G. asks from Carrollton, TX on August 25, 2009
Could We Get a Mortgage with These Problems
We are looking into buying a house now that we have the income to do so but my husband had a little problem with his student loan. When he first graduated from law school he could not find a job only unpaid internships. As a result he could not pay his student loan and the lender would not forebear or defer the loan any longer or work with him to lower the payments. His student loan was not a government loan it was through a private student loan lender. As a result the loan was sent to collections but I do not think it is in default. We have been paying the collection company for the last year and a half. Can anyone tell me if it is possible to get a mortgage loan even with this problem? It is the only negative thing on his credit report and the only debt we have but it is a $150,000 loan. We just want to get an idea before we actually try to go through the whole process. Thanks so much
1 mom found this helpful
J.P. answers from Dallas on August 31, 2009
It's important to find a reliable, honest mortgage consultant so you will be well advised. I highly recommend Michael Busker ###-###-####. He offers years of experience in the business along and the knowledge to properly advise his clients. I know him professionally.
K.S. answers from Dallas on August 26, 2009
Failing to repay a federal student loan can knock you out of a bunch of stuff. For example, I could lose my Texas real estate license for defaulting on a student loan.
Something doesn't sound right about the scenario you are explain. I had two loans that were consolidated and I've never had problem getting a forebearance or deferral on my loan. You or he may want to investigate the situation more and see what options may be available.
I know my brother had problems with his student loan when he graduated from law school in the early 1980's. I think his problem arose because of having several loans which were unconsolidated.
The best way to tell if you can buy a house is to talk with a mortgage lender.
J.M. answers from Dallas on August 27, 2009
My husband has worked in the mortgage industry for 17 years and also helps clients repair credit if their credit is not up to par. He is a loan officer with Hunter Financial Group and would love to speak with you about any questions you may have. Please feel free to contact him and let him know his wife referred you to him. His name is Michael Browne and his number is ###-###-#### ext 211. He works mon-thur 9-7pm and fri 9-4pm. I am sure he could help.
C.R. answers from Dallas on August 26, 2009
I think you might be surprised on what you can get approved for if you have the income.
Call Marc Star the owner of Integrity First Home Loans at ###-###-#### to see about a pre-approval.
If you can't get approved at this time, I have a great attorney I work with for credit restoration. He will be able to help you with your credit in just a few months time.
The Trinity Group
T.C. answers from Dallas on August 26, 2009
You shouldn't have to go through the whole process, just contact a local lender and tell them your issue. They will pull your credit and tell you if it's on there or not. The lenders I use can usually tell my clients within a very short time if they will be able to qualify for a loan. Debt to income ratio is real important too.
If you want a recommendation of a lender, just give me a call, and I'd be happy to give you some of the lenders I use for my clients.
DFW Texas Homes
K.P. answers from Dallas on August 26, 2009
More than likely, if they see you have been paying on this for a year and a half they will take that into account. The best way to find out if you can get a loan is to go try to get pre-qualified. Most realtors will not take you looking without that anyway. If you don't pre-qualify, then they will tell you what needs to happen in order to get qualified. If that is the only black mark on his credit report then you should be ok though. Be careful though to NOT get a variable rate loan, and if the fixed rate is too high for your tastes then wait just a little longer, keep paying on the loans and that will bring the interest rate on the loan down. Good Luck! Don't take on more than you can afford!
J.M. answers from Dallas on August 26, 2009
I am a real estate agent, and my suggestion would be to talk to a mortgage professional. You can do this over the phone with just a few answers to their questions. They can run your credit and then advise you as to what your next step would be. You may have to pay a higher interest rate to get a loan, but you could refinance after a few years to reduce your interest rate. Good Luck!
H.F. answers from Dallas on August 26, 2009
Your best bet would be to get a pre-approval for a loan. That will also allow you to know what price range to be looking in. I know a reliable buyers realtor. Private messaage me, if you are interested.
N.H. answers from Dallas on August 27, 2009
Get a copy of you credit report. Your numbers need to be high 600's soem lenders can work with mid 600's. Talk to a trusted lender/bank but do not give out your ss# for them to run your credit report until you have found a lender/bank you think you may actually use. Too many hits for pulling your credit report also shows as a negative. There is money out there to lend but the process is a lot slower and there are a lot more hoops to go thru. Dont get discouraged if it takes awhile...and i mean a month or more. The lenders have to have tons more 'junk' from you upfront and it seem insane but just part of process now.
S.F. answers from Dallas on August 26, 2009
As other have suggested the best source for the answers to your questions is a mortgage specialist. I have one that will talk with you and advise you for no charge. Her name is Carolyn Cantrell ###-###-####. She is a mom of 2 teen boys and is super sweet! Tell her S. F. sent you when you call. She will run a credit check for free and get you a pre-approval letter or if you need to do a few things to get all on track she will refer you to a partner of hers that can help with that.
After that then you can start the looking. My husband & I are experts at helping first time home buyers. We have a free buyer's guide I would love to send you. Just send me an email with your contact info or call me at ###-###-####. We love helping people buy & sell homes!
Gook luck to you.
F. Team Realtors
RE/MAX Four Corners