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Old 03-15-2012, 07:46 PM
 
1 posts, read 1,857 times
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Hello I need some help. My husband and I just recently been approved for a FHA home loan March 1st. We then got news on Monday the 12th that we were conditionally approved. They sent me a list of items I needed to send back and a few explanations about deposits. They were sent to me on Tuesday the 13th and I immediately provided and explained all the items on the list. Today the 15th of March my husband received a call from a credit agency who needed him to explain student loans that were in default. They have been in default since 2006 and we just now started to pay on them in December of 2011. The student loan company said that it will take 9months before they come out of default. Will we get denied now because of this? Thanks for the advise!
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Old 03-16-2012, 01:36 AM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,194,748 times
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You cannot get approved for an FHA or VA loan when you are in default of your student loans. The conditional loan approval was very likely including your credit score and income only. After that, they start looking at details.

As soon as you default on your SL, the maturity date of the promissory note gets accelerated so it's due NOW in its entirety.

You have a couple of options to get approved for an FHA loan such as doing a consolidation loan through the Federal Family Education Loan (FFEL) and a couple others. Speak to your loan officer and they can give you advice accordingly.

Naima
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