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Would I still be able to get a homepath mortgage?

Just gonna give my situation and if any mortgage folks have any wisdom or advice, I would be appreciative.

I'm looking to buy a house.  I work from home (retail my own products on ebay/amazon) and do ok for myself (70k last year).  I've been doing this for six years now.  I have a credit score of 736.  I have rented two homes through the same local property management company over the last 6 years for 1200 a month, and have never been late.  I pay ALL my bills on time.  However...

I had a defaulted student loan like 17 years ago.  I never took care of it, but it's been off my credit report for a long time now.  My question is, would I still be able to get a homepath loan with that unresolved student loan in my past?

Hell, if I can get into a place at these low prices and low rates, I'll save 300 or 400 bucks a month on my housing that I can put towards paying off my old loans!
  • October 09 2011 - Lawrenceville
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Answers (5)

Best Answer

I would talk to a lender about this but from what i've seen if your student loan has been off you credit report then it shouldn't affect you at all for qualifying for a loan. Also as far as I know in order to get a homepath loan the home you are purchasing must be owned by Fannie Mae.
  • October 09 2011
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Talk with a local lender, Homepath offering some excellent incentives right now.  Best of luck.Spirit
  • October 17 2011
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Do they pull CAIVRS on a Homepath loan?
  • October 17 2011
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Mr. Kluge - hit the nail on the head as well as Mr Picard. - You would want to work with a lender - go through the prequalification process. I did some research on Mr. Kluge and found he is a national lending partner - he would be a great fit. I am a community bank and am only able to lend in a small footprint. But your past credit should be erased unless their is a lingering outstanding balance - but the 736 implies that will not be the case.
Good luck - with Fannie Mae selling houses throughout the country - now is the time to buy - at great prices! 
  • October 17 2011
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Great question.

First of all, that bad credit should be removed from your credit report after 7 years and even if it is a judgment, 10 years.  I would safely assume you would not need to settle with that.  Your credit score is great, your income seems fine.  The largest question is not what you make, but WHAT IS ON YOUR TAX RETURN for NET INCOME.  Do you have any major unreimbursable business expenses?

This will drive just how much you are qualified for.

I certainly would be glad to help you with your financing.  Feel free to look up my contact info in my profile and give me a call or email. :)

Best,
b
  • October 14 2011
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