Mortgage question

[Anonymous]

Hi CHO329.
I have been following your posts from SL rehab completion to trying to get a home loan. How long did it actually take after SL rehabilitation to apply for a home loan? Did you qualify for an FHA or Gov't backed loan after? How did you clear CAIVRS? Any info would help as I am currently in the Student Loan program 2 more payments left and would like to know how soon I can start trying to get the FHA process going

[me12345]

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@Anonymous wrote:
Hi CHO329.
I have been following your posts from SL rehab completion to trying to get a home loan. How long did it actually take after SL rehabilitation to apply for a home loan? Did you qualify for an FHA or Gov't backed loan after? How did you clear CAIVRS? Any info would help as I am currently in the Student Loan program 2 more payments left and would like to know how soon I can start trying to get the FHA process going

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I don't think that the OP answers can help you, everyone's situation is different, there are so many different variables out there that no 2 loans are even close to being the same...

But what you can do is apply yourself...... you can find out from a professional if you qualify, OR exactly what steps that you need to take to realise home ownership and when.

Its FREE, and often times it can only take a few minutes (Unless you are self employed, that takes a little longer)

Pick up the phone, or go online and apply...I talk to people almost everyday that are surprised that they are qualified and wish that they would have applied sooner.

Thanks,

[Anonymous]

@Anonymous

Welcome to MyFICO

I moved your post to it's own thread as the one that you posted in is over a year old.  Good luck

[Anonymous]

Thank You for your response. My concearn is that I am 2 months away from completing SL Rehab and my husband and I are looking to purchase a home. We would like to try for an FHA loan but when we previously tried to apply our default was my SL which appeared in CAIVRS. I have worked diligently to clean up our credit and raise our scores. We have 0 collections. My question is how long after my SL Rehab is complete can we try to apply again?

[Anonymous]

I completed SL rehab in May of 2017 and will be moving in to my new house in about three weeks!  Honestly, the biggest thing is how quickly your reports update and what they look like after updating.  I was one of the fortunate ones who had almost all of my lates deleted.  I have one TL left showing lates but the other 10+ were deleted.  My reports were updated within 30 days.  

[Anonymous]

That's awesome CONGRATULATIONS on your new move!! You said you completed in May 2017 so it took roughly 7 months for you to qualify for a home loan? Am I reading that correctly? Did you go FHA or conventional? As your defaults were cleared from your CRs did you clear CAIVRS as well? Also, did your AAoa change? Kind of nervous as my SLs are my oldest accts

[Anonymous]

I needed to get my scores up and I needed to be at my job longer, otherwise I could have qualified sooner.  My scores were where they needed to be for a conventional loan by late August or early September.  No one ever mentioned anything about CAIVRS.  I am going  conventional.  There shouldn't be a change in your AAoA, as your new tradelines should be back dated to the loan opening date.  I was very happy with that as my loans are over 10 years old.  

[Anonymous]

Oh great!! Im hopeful again. My loans are over 11 years old so that boost should get me to 700 quickly (fingers crossed). When I tried to apply early on in the year (I completely forgot about those SLs) I showed up in CAIVRS (FHA loan checks this) I would just like to keep my options open to either an FHA or conventional whichever will accept us. Did your SLs get picked up quickly? Or did you dispute the CBs after your rehab was completed?

[Anonymous]

My loans were picked up fairly quickly, but then it took a week or two before I could actually access them through the new provider.  I did dispute the old tradelines once they were picked up.  Not sure if that made a difference or not.  2/3 completely deleted the old trade lines and the last one just deleted all of the payment history but the tradelines are still there.  

[Anonymous]

Thank You for all your quick responses. Ive been feeling so anxious and most post are from last year or later, so Im glad you answered my questions. Enjoy your new home!!