Financing in 11784>Question Details

Laura, Real Estate Pro in 11784

Question regarding caivrs list and closing on a FHA loan.

Asked by Laura, 11784 Sat Nov 7, 2009

To all loan officers please advise, If you're found on the caivrs list for a defaulted student loan but have a payment agreement in place between your attorney and the agency it was reported by, can you close on a FHA loan. The mortgage co. we're working with keeps insisting they will as long as it's removed from the Caivrs list. However I don't think it will be removed until the payment plan has run it's course in full. That won't happen for another 8 mos. But from what I'm reading as long as there is an agreement in place and supporting documentation to prove it, the lender can close on the loan. Please share any information you may have on this situation.

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Most lenders will not fund the loan until its removed from the Caivers list. FHA like most insurance companies will try to find anyway not to pay the claim if the FHA homeloan goes into default. So FHA approved lenders most likely will not fund a loan with a borrower who has come up on CAIVERS.
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