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Could I receive a FHA Loan with my Student Loan Debt?

My Husband and I are looking to purchase a home using a FHA Loan. However I have about $50,000 in Private Student loans and $40,000 in Federal Student loans. Currently they both are in deferment because I'm attending graduate school. My credit score was around 720, but one of my loans went into repayment. I was not aware of this and it went to a collections agency which made my credit score go in the low 600's but I am currently paying on it. I make $40,000 a year and my husband makes the same as well, however he has a low credit score from past credit card issues. I will be consolidating my loans once I graduate. Will my Student loans or credit score effect my eligibility to receive a FHA Loan?
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September 16 2013 - Philadelphia
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If you are worried about your credit scores there are lenders like myself that are able to give out loans with scores as low as 580. In response to your other question, yes your student loans will be looked at when you apply for a loan. It is hard to say whether or not your loan application will get rejected because it depends on the lender and your financial details. 

If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
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September 16 2013
You could call the student loan that's servicing your loans and ask them to back date the delinquency accounts to show them paid on time since this was a mishap and you're paying now it won't happen again.  Good chance they'll do it and update your credit report and you scores could bounce back to approval levels.  If you need any assistance please contact me via my profile.
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September 16 2013
Credit score aside-any student loan needs to be deferred for over 12 months in order for that debt not to be calculated against your ratios. So anything you are paying on now and anything that will require payment in less than a year will be counted as a monthly obligation and thus lowering your purchase power.
You will likely need a 640 credit score and an underwriter willing to overlook recent late payments
Hope that helps?!
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September 16 2013
We will need to take into account a payment for those loans even if they are in deferment.  The credit scores are another mater.  If you would like to contact me through my profile we can discuss what you can qualify for and/or what you would need to to in order to get yourself into a better position to buy. 
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September 16 2013
If you are considering applying for FHA loan, as long as your students loans can be deferred for at least 12 months, they will not be counted against your DTI. Also, your husband's credit scores can be elevated, or worse case, if they are 580 and above it possible to include him on the loan.

Best of Luck!
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September 16 2013
 
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