FHA loan, late student loan payment popped up two days before closing and dropped my husbands score

[Anonymous]

It’s two days before we close on the house we’ve been renting for 12 years. My husband got an fha loan, my credit is not great. Had some repairs to do before we were finally approved to proceed. For our closing disclosure on Monday, signed it and sent it back. Yesterday we get a call from our lender stating that they did a soft pull on my husbands credit and a late student loan payment popped up for September and brought his credit score under 600, which started at 639. I called Navient and they say they never reported to the credit bureaus and they haven’t since 1/19. We just can’t lose this loan, after all the repairs we just did, and being here for 12 years. We don’t have an alternative at this point. Our lender told my husband that he needs to have a conference call with their credit service and Navient today. The student loan account is current now, but they are just looking at the supposed late payment that was reported in September, which Navient said they never reported. Just some advice on this would be great. Thank you!

[ChessChik47]

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@Anonymous wrote:
It’s two days before we close on the house we’ve been renting for 12 years. My husband got an fha loan, my credit is not great. Had some repairs to do before we were finally approved to proceed. For our closing disclosure on Monday, signed it and sent it back. Yesterday we get a call from our lender stating that they did a soft pull on my husbands credit and a late student loan payment popped up for September and brought his credit score under 600, which started at 639. I called Navient and they say they never reported to the credit bureaus and they haven’t since 1/19. We just can’t lose this loan, after all the repairs we just did, and being here for 12 years. We don’t have an alternative at this point. Our lender told my husband that he needs to have a conference call with their credit service and Navient today. The student loan account is current now, but they are just looking at the supposed late payment that was reported in September, which Navient said they never reported. Just some advice on this would be great. Thank you!

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Sorry to hear this is happening to you right now, OP.  I would just stick to the bolded line...have the conference call and hopefully it will work out in your favor.  Good luck to you.

[Anonymous]

Thank you, but it actually didn’t. Navient is confirming that it was 60 days late, but other Navient reps I talked to are saying something different. This is just devastating. We actually rent and live in the house we are buying. It’s just devastating

[ChessChik47]

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@Anonymous wrote:
Thank you, but it actually didn’t. Navient is confirming that it was 60 days late, but other Navient reps I talked to are saying something different. This is just devastating. We actually rent and live in the house we are buying. It’s just devastating

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Sorry!  What did your lender say the next steps were?  Can you continue living in the house or are you in a situation where the owner is selling and, as a tenant, you are getting right of first refusal?

[Anonymous]

I’m waiting for me lender to get back to me to see the next step. I’m sorry I have never heard of right of first refusal.

[ChessChik47]

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@Anonymous wrote:
I’m waiting for me lender to get back to me to see the next step. I’m sorry I have never heard of right of first refusal.

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"Right of first refusal" in real estate just means that you, as the current renter, have the right to buy (or refuse to buy) the property first before the owner can sell it to someone else...you can google the definition for more legal speak, but that's the gist of it.   I hope you know that the lender wants to make the sale, so hopefully they will figure out a way to make it work for you.  It may cost you a little more money, but hopefully things go your way.  Good luck! 

[Anonymous]

I’m hoping too, but more money is something that we actually don’t have right now. We were gifted the closing costs and down payment from my parents so. But I haven’t heard back from my lender yet so maybe no news is good news. With our luck lately though, that probably isn’t the case at all