Reply
Member
Pghmg
Posts: 9
Registered: ‎10-03-2012
0

Defaulted Student loan and FHA mortgage

Can someone answer this  question. If I've had a student loan that defaulted andwas paid off in May of 2012. Would I be denied an FHA loan?

Starting Score: 523- 9/24/12 FICO
Current Score: 609-4/05/13 FICO
Goal Score: 650


Take the FICO Fitness Challenge
Contributor
MzKoli
Posts: 96
Registered: ‎12-20-2012
0

Re: Defaulted Student loan and FHA mortgage

If you rehabbed the loan and paid it off you're fine.Most if not all negative TLs would have been deleted. If you just PAID it off then you would have to wait 12 months from your last reported late payment.
Super Contributor
DallasLoanGuy
Posts: 6,128
Registered: ‎07-03-2007
0

Re: Defaulted Student loan and FHA mortgage

they are a part of your credit profile.... but nothing about that automatically disqualifies you.

 

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+