Private Student Loans and Mortgage

[Anonymous]

Will a private student loan that is in collections/charge off effect approval for a mortgage loan? The loan officer at a new home development that I have been working with hasn't mentioned anything to me about this. For some reason this collection was overseen by me, as I thought this was part of some other student loans that I am finishing with rehabbing. Do lenders look at this as another collection acct? It is not a federal loan. Any advise is appreciated. Thanks

[ShanetheMortgageMan]

It'd just be treated like any other collection/charge-off.  The balance & when it went to collections are what the underwriter will consider. 

Since it's not a federal student loan, it wouldn't impact your chances of government financing any more than a car loan that has been charged-off/sent to collections.  Conventional financing isn't concerned with student loans being federal or not, they are all treated the same.