I just completed debt consolidation with all accounts paid. Can I qualify for a mortgage? I have saved for a down payment.

Asked by 1st time, 30084 Wed Jul 20, 2011

What are my options. I see some good deals. Do I need to wait? How long?

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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Jul 20, 2011
If your credit reports reflect no missed payments on anything for the past 12 months, and your credit scores are fine, then completing the debt consolidation plan wouldn't inhibit your chances of qualifying - you'd have all of the regular programs to choose from FHA, Fannie Mae, Freddie Mac (and VA & USDA if you are eligible). So it'll just depend on how the payment history was during the plan.

Do you know what your credit scores are? How much of a sales price are looking at and how much of a down payment are you looking at putting down? Have you crunched your income & debts to see if you can qualify for the amount you are looking to finance? If you need help with figuring anything out I'd be happy to help.
1 vote
Marc D'Angelo…, , Roswell, GA
Wed Feb 6, 2013
You may be able to immediately. FHA looks at Credit Counseling the same as a Chapter 13 bankruptcy. There is no waiting period as long as you have completed the program. You maybe able to have it count as one of your creditors in some instances. In fact if you meet income restrictions I can even provide you with $5000 additional down payment that may not need to be paid back.

Marc D’Angelo
Mortgage Banker

404.925.8291 Cell
678.985.6834 Fax

apply online: mdangelo.brandmortgage.com

50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
0 votes
Luke Wojcik, Agent, Chicago, IL
Mon Feb 4, 2013
I would talk to a qualified lender and they will be able to tell you right away. If you dont qualify now, a good lender will offer advice to show you how to get there. Hard to say without knowing all the specifics. It sounds like you are on the right track though. Congrats
0 votes
Sally English, Agent, Atlanta, GA
Mon Feb 4, 2013
Congratulations on your accomplishment. I applaud the discipline and commitment you made to putting yourself in a debt free position. We can all learn a lesson from your actions. Again - Congratulations
0 votes
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