So, as many of you I am a little frustrated by the homebuyer "rules". It feels like I am told that since I didn't stand on my head the first Friday of the second full moon when the price of tea in China was $4/cup that I won't qualify a home loan for yet another year.
Anyhow, I will admit that I was horrible with my credit in the past (yes indeed I did get a credit card when I was in college because they were offering a free candybar - in my defense it was a king size Snickers and I was a really hungry college student!!). Anyhow, fast forward to today and yes I took out all the students loans that anyone would give me and yes I did fall behind. However, I have spent the last nine months in a "rehabilitation" agreement meaning that if I made 9 HUGE payments in a ten month period my student loans would come out of default and I would have the negative status removed from my credit. Indeed, I took care of this and as of the first of this last month I am officially out of "rehabilitation". However when I checked my repayment amount it was going to be $798/month. I am a scientist making less than $60k a year so obviously this was too much and would totally sckew my debt/income ratio. So I did what I thought was the right thing which was to ask for an income based repayment which would bring my payments down to $273/month but in order to do this the student loan lender put me into a 60 day forbearance so that they could process the paperwork. However, today when I spoke to a lender he said that if the forbearance showed up on my credit it would take a full year from the beginning of the forbearance before my loan would be approved. Long question long, is this a rule in mortgages or is this just a rule of his company? I have talked to quite a few lenders and all of them seem to have different requirements. How do I know which are required by an FHA and which are just the company's rules?
Thanks so much in advance!!
