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my fiance and i have 89000 a year income 600 a month debt and i have 2 lates on a student loan 18 months ago it is in forebearance now, but i included that in my debt (100 a month) lowest midscore for the 2 of us is 625. i know they want student loans on time for sure. we also have been living with my grandmother taking care of her for the last 10 months so no rent history since then (1755 a month always on time) any advice? we have about 5000 saved and 10000 gift will this be a no deal?...were looking for 200-250k
thanks you so much
Not necessarily a deal breaker. I'm not an expert on the subject but i don't think it's necessarily a deal breaker. It just looks "worse" obviously than a file without an economic hardship. We were approved and my husband has a forbearance but he didn't have any late payments prior to the forbearance.
Do you have a lender in mind? You could call and ask about their policy, it might vary by lender. Just make sure you tell them NOT to pull your credit report yet.
Maybe someone else here can chime in too.
I found this site too but i don't know how accurate the info is...
http://www.ehow.com/facts_5033407_fha-requirements-regarding-student-loans.html
Good luck!
My husband and i both put our student loans into forbearance for 6 months to pay off our credit cards. (Ivy league schools for grad and undergrad--about 81,000 in principle left; consolidated in 2003.) While they were in forbearance (1 month left to go), we started the house looking thing. Then we unexpectedly found one we liked, put in an offer,etc, etc, and now we're closing thursday.
When they ran our credit reports, the loans said deferment--not forbearance. It was no problem. I don't know if there are any absolute rules for late payments. We didn't have any lates on our credit (except for one that happened 5 years ago.) But I think they are really looking for patterns of behavior, not isolated events. If you can explain why something happened, it will be ok.
No one is (or should be) perfect!
likely not a problem.
if approved thru automated underwriting then even less of a problem.