Home Buying in San Jose>Question Details

estela12377, Renter in San Jose, CA

first time buyer my credit is not so good Im currently paying some defaulted school loans can I still qualify.

Asked by estela12377, San Jose, CA Sun Aug 25, 2013

Help the community by answering this question:


Yes you can get approved with student loans that you are making payments on, as long as your in a payment plan for 3 months you should be fine. Your credit score is a different story, however even with scores as low as a 580 you could qualify for an FHA ! I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either.
2 votes Thank Flag Link Sat Sep 28, 2013
Maybe, maybe not. If you defaulted on Federal student loans you may not be eligible for FHA financing. No one here can tell you if you will qualify and for what, contact me if you would like an actual pre-approval.
1 vote Thank Flag Link Sat Sep 28, 2013
Estela, it really depends on everything else. Without seeing your full credit report, income documents and bank statements, it's impossible to say I you'd qualify or not.

By being able to look at all the documents, I'd be able to tell you exactly what you qualify for, what your financing options are, estimated rates and closing costs, monthly payments, etc. or if you don't qualify, I can tell you exactly what you can do so that you can qualify. Even if it's something with your credit, I can tell you exactly what to do so that you can improve it enough to qualify.

Feel free to call or email me anytime. I'd be more than happy to help you. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Sun Aug 25, 2013
It's hard to fully grasp your situation without the specifics but I will try to help you the best I can. There are definitely some lenders, like myself, that can give loans with low credit. For example I can give an FHA loan with a credit score as low as 580. Although 580 may be above your credit score (I don't know), it's definitely possible to work on your credit to eventually get it up to 580 or above. The most effective way to fix your credit score is to pay your revolving credit card balance and debt. Also, student loans is common amongst young buyers these days so this is something I've worked with before so feel free to contact me so I can help you out.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes Thank Flag Link Mon Feb 24, 2014
We would really need specifics to answer that question. It would depend on your credit score, your income, your debt and other factors. You should contact a lender to find out. Let me know if you want me to put you in contact with one.
0 votes Thank Flag Link Mon Aug 26, 2013
Sure, it may take some work and a little bit of time. Get on a budget and stick to the plan until your credit is better.

J.R. Thrasher
0 votes Thank Flag Link Sun Aug 25, 2013
I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Sun Aug 25, 2013
As Javier clearly stated, a lender will need to look at the entire picture of your financial history, debt, income, liabilities and assets.

Contact a trusted lender to assist you.
0 votes Thank Flag Link Sun Aug 25, 2013
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