HELP! Lost figuring out what is next! Denied by SoFi

[VALoanMaster]

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@Anonymouswrote:
My issue with FHA is that I showed up in CAIVRS.
I have since rehabilitated those loans and are current but my credit report still shows close/transferred I don't know if this is a negative showing that can show up in CAIVRS again. Also, I was informed CONV does not count the 1% of SL balance and if Im in an IBR plan they can use the amount reported. With FHA counting 1% that may possibly throw us over DTI

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I can get you closed on an FHA mortgage even though you have the CAIVRS hit.

[emferrari]

FICO 8 is not the one the lender will use. My FICO 8 middle was 699 and the middle the lender pulled was 644. Why the 40 point difference I have no clue. In my opinion, it isn't fair, but I am not the one who coded the scoring algorithms :-).

[Anonymous]

So regardless if those loans are in good standing I can still pop up in CAIVRS again? Im getting so stressed out, sorry for all the questions

[JVille]

Fico 8 are not Mortgage Scores, they are a Universe apart. You need to pull a 3 Bureau Report and see what your Mtg Scores are. You need all the facts and Fico 8 for our purposes don’t work or reflect anywhere near the real Scores.

[JVille]

No worries, ask away we are here to help!

[Anonymous]

Thank You I appreciate it! My scores are not my biggest concerns as I have a few pending disputes that have worked out but not yet updated. I do believe those rrsults will give me a boost. My concern is if I were to go the FHA route through a GA Dream lender (First Time Homebuyers) we'd like to get as much assistance as possible along with our DP and closing cost funds (but I digress); will a 2 year late payment on SLs that are now reporting current make me appear in CAIVRS again?

[VALoanMaster]

You won’t be in CAIVRS for a late payment on your student loans.
You need to make sure you read the fine print on the DPA program as they generally have strings attached to them like higher rates or 5+ year occupancy requirements.

[Anonymous]

Hi Cheryl, I see you posted this a couple days ago.  It is great you have taken some steps to improve your credit and based on the information you provided, there should be some home financing options available for you.  Your concerns about the too many deliquent accounts is on everyone's credit report.  That is nothing to concern yourself unless you have had several pulls on your credit which sounds like it is not the case.  It will be impossible to be truly pre-qualified without a hard mortgage pull.  That is one requirement of going thorugh the pre-qualification process.  BTW my name is Tony, I have been lending for 16 years now and work with first time home buyers.  (Mod Cut-direct contact info cannot be posted directly in the public forum) Either way, as I mentioned, based on the information you posted, I do not think you are going to not be able to get pre-qualified or you will not be far off.