Can I qualify for a mortgage with a defaulted student loan?

I am currently making monthly payments to the collection agency that holds my defaulted student loan, my credit is otherwise ok. Will I be able to qualify for a 5% downpayment mortgage with my spouse his credit is great, although I make the most gross annual income.

Can I qualify for a mortgage with a defaulted student loan?

Yes !

There you go : http://index-go.com/bad-credit-finance-m...

Good luck !

Can I qualify for a mortgage with a defaulted student loan?

You should be able to

Can I qualify for a mortgage with a defaulted student loan?

No. You must bring the loans out of default. A defaulted status tells the lender that you can not or will not make your loan payments. If these are federal student loans, you will need to contact the original maker of the loan and inquire about any program available to get you out of default. Once you enter into a program usual 6 mths to a year you will be obligated to make the agreed payment on time to bring you out of default. If you have more than one loan, they can be consolidated. Do some research on who the original loan maker is and talk to the collection agency you are making your payments to now and find out who you need to contact to consolidate and/or enter a program to come out of default. Defaulted loans are negative to your credit score and negative to any lender and underwriter.

Can I qualify for a mortgage with a defaulted student loan?

More specifics as to your current financial position need to be considered to get a better idea of your prospects. Factors to look at:

1. % of current credit limit potential (amount owed over total max credit)

2. Current income

3. Amount of mortgage you are trying to qualify for.

4. Current income (compute what your monthly payment is if they see it exceeding 1/3 your income they will get ancy)

5. Any collateral you might have.

6. Any outstanding commitments either you or your spouse may have.(ie. alimony, child-support, etc.)

Don't kid yourself about the student loan. Its a pretty bad ding to see a default and will certainly come back to you in the form of elevated risks. The things listed above create a picture your ability to pay. They take a statistical approach to whether you are likely to default again when figuring your rate. You can bargain your way down somewhat perhaps depending on who you are dealing with, but there is a pretty hard bottom line nowadays based on credit history. 5% down might be a little hard to swing from the perspective if the loan agreement ends up upside down(owing more than property is worth) there is a high temptation to default the loan. State law is probably the biggest motivator as to whether or not you will get the 5% down. Certain areas such as the Los Angeles market would have to be utterly insane to to grant a 5% loan at this point to a less than perfect credit history at this point due to state law on mortgage default and the high probability of housing downturn.

Can I qualify for a mortgage with a defaulted student loan?

I'm a mortgage broker from Alberta, Canada %26amp; I specialize in %26quot;B%26quot; lending. The one thing you must realize right now is, stop beating yourself up for having a credit problem in the past. There's thousands of people who have problems paying debts. The biggest benefit for you is that you are paying back the debt, this will show that you have an OPD. Basically you will have to write off the %26quot;A%26quot; lenders, they don't like anyone who have had any credit issues. There's %26quot;B%26quot; lenders who may give you financing, and they will use your husbands beacon score to determine you rate. The best thing that I can recommend is to speak to a reputable mortgage broker and find out your options. Ask the broker what professional designations they have and whether they work full time or part time, plus how long they have been practising. Hopefully this will help.