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CONFIRMED!! FHA loan with defaulted student loan in rehab!

New Visitor

Re: CONFIRMED!! FHA loan with defaulted student loan in rehab!

Thank you so much!! One last question, do you think it’s better to do the rehabilitation or the consolidation?
Message 21 of 25
New Member

Re: CONFIRMED!! FHA loan with defaulted student loan in rehab!

In my opinion the loan rehab is better. You can set your own payment depending on your income and they'll remove the default from your credit. Make sure you diapute the default as soon as you complete the program. Call Dept of Ed a week after and make sure they process your CAIVRS clearance. Then you can apply for your fha loan after they give you the caivrs clearance number. Write that number down. One other thing to remember is when you have finished your 9 months and your loan is transferred, your payment will only remain the same for 3 months. Then it will go up but you'll have to work out payment options with your new loan servicer.
Message 22 of 25
New Visitor

Re: CONFIRMED!! FHA loan with defaulted student loan in rehab!

Awesome!! Thank you again!
Message 23 of 25
New Visitor

Re: CONFIRMED!! FHA loan with defaulted student loan in rehab!

Has anyone seen this? It talks about getting a conventional loan instead, bypassing the CAIVRS. What I am wondering is if anyone has had their money in escrow taken out by the government for defaulted Student Loans. Thanks!

https://www.realtor.com/advice/finance/caivrs-database-mortgage/
Message 24 of 25
Established Member

Re: CONFIRMED!! FHA loan with defaulted student loan in rehab!

Student loans are easy to fix mainly because for the most part you cannot ever get rid of it unless you pay it, get a qualified forgiveness plan or die. defaulting on a Student Loan is not the end of the world even though it may feel like it at the time. Simply rehab the loan which requires you to make several months of payments on time or consolidate your loans which will bring you out of default. If your going to do a FHA, VA or USDA backed loan consolidation will be the fastest route.











 
 
 
 



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Message 25 of 25