I want to buy a home but I have a student loan being garnished from my income. I only owe 2,000 but the full balances are showing on my credi report.

Asked by Mrstexas, 75063 Fri Feb 4, 2011

I want to buy a home. I currently have a multiple student loans showing as charged off on my credit report through Well Fargo and Texas Guaranteed. I owe approx. 2,000that is being repaid wage garnishment. My scores are in the migh 500's. Otherwise, I have strong payment history for the past 12 months on 1 credit card and car payments. Is there any hope?

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Tommy Burris’ answer
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Fri Feb 4, 2011
The garnishment shows your unwillingness to pay your obligations.

If you wanted to pay your student loans on time.... they wouldn't have to garnish your wages.

Once you show a WILLINGNESS to pay your obligations, you should then apply.
1 vote
Dan Tabit, Agent, Issaquah, WA
Fri Feb 4, 2011
Your credit score and current garnishment are going to be limiting factors. No one can approve or disapprove you for financing until you apply. I have sat down with people in your position in my area and reviewed their credit and worked with them on a plan to pay off their debt and prepare them to be successful sooner than later.
With rates and prices being down, I would encourage you to find a local lender willing to look at your situation and provide the same type of plan. There are some steps to take which may not seem logical, but they will boost your score and improve your chances of getting approved.
1 vote
Hi I have student loans garnished but don't need financing buying house for cash. is there anything I have to worry about? Is it true that they can't take your house away if you own it? thank you for your input
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Susie Reichl…, , Dallas County, TX
Fri Feb 4, 2011
It sounds like you are trying to get your credit back on traack. It may take another year to get charg-off reconsidered, and there is one program that does not make their decision not to loan on a low credit score.

I would like to talk to you and see exactly where you are and get it evaluated, and deermine when you mgiht get gualified to purchase. In my 30 year plus career, I have helped many Buyers thagt thought they could not buy.

Givve me a call.

Susie 469-855-7610
1 vote
James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Mon Jul 23, 2012
Hi MrsTexas,

Please give us an update!
0 votes
The United H…, Agent, Mansfield, TX
Sun Jul 22, 2012

I would love the opportunity to assist you throughout your home buing experience. I can save you a great deal of time, money all while helping releave the stress of buying your first estate. Feel free to contact me directly so we can experience your adventure together. I can put you in communication with an excellent mortgage company that will surpass your expectations.

Keller Williams Realty
Real Estate Consultant/3xUS Army Vet.
Joseph Fernandez
cell: 817-975-7258
off: 817-635-1157

For an updated search please visit my new site http://www.blissful-estates.com
0 votes
James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Thu Jun 21, 2012
hi MrsTexas,

There is always hope! Why not immediately pay the student loans off, or at least contact a good lender that can review your credit report entirely and help you execute a plan to improve your scores in the fastest way possible?
Follow that plan, and sooner than you think you will be in the market for your new home!
Best wishes, Jim, 703 615 4675
0 votes
Monroe Finan…, , Monroe, NC
Tue Feb 8, 2011
I may be able to help you! Visit http://www.monroefinanceservices.com, we have helped millions of people fix their credit which has helped them to then be able to purchase their DREAM home. Best of luck...
0 votes
Tamika Goree, Agent, Arlingon, TX
Tue Feb 8, 2011
It sounds like you're on the right track on raising your credit scores. Lenders like to see at least 3 positive trade lines on your credit report. I recommend getting a secure credit card. Use it for small purchases like gas. Also make sure to keep both credit cards under 33% of your credit limit.

Contact your local bank or a lender for a loan officer to review your credit report. They will be able to give you advice and guide you on getting your scores where thhey need to be in order to purchase a home. I will be happy to email you a few referrals of loan officers who can assist you. I know one lender that approves credit scores as low as 600.

Please feel free to contact me at your convenience. I look forward to hearing from you soon!

Make it a Blessed Day!

Tamika Turner Goree
Keller Williams Realty
Cell: (972) 697-1178
Email: tamika.goree@kw.com
0 votes
Don Groff, Agent, Austin, TX
Sat Feb 5, 2011
Go find an experienced loan officer who can take the time to make sure your scores are moving in the right direction. You can definitely do something eventually. Get some help so you can ensure you are improving your situation.

Good Luck to you.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
0 votes
Jonas, , Houston, TX
Sat Feb 5, 2011
Hi Mrstexas!

I hope you take this constructively. If you can't pay 2K for a debt you have, then I don't believe you should be purchasing a home. One bad day in the Summer and your AC goes out you will be sweating like a pig on a truck. A new AC will cost much more than 2K. Heck...most insurance deductibles will wipe you out. Home ownership is not for the faint at heart or the shallow in pocket.

Go to Home depot and price some very basic stuff that is needed in a home. One needs to be financially fit to enter the arena. Get your finances in order and then buy a property.

Best of luck!

Jonas Mancuso
Remax / Lakeland
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Feb 4, 2011
Mrs. Texas,

Get busy and get those things paid off and off your credit report.
Get a weekend job if you have too. Two or three months of working weekends
will get those gone and you will feel so good about getting them behind you.
You will want to get your credit score up in the 600s, so get with a loan officer
to give you some strategies.
Pay everything on time or early.
Reduce your credit card balances to below 50% of the limit.
Save some cash and then you'll be ready to go.
Sounds like you are on the right track...now.
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Feb 4, 2011
Lender won't approve a loan unless you are above 630 , best work on scores and then move forward on purchase.

Once the $2000 is paid off you would need establish credit another reason why scores are low

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Feb 4, 2011
If you haven't done so yet, consider visiting with any qualified loan officer(s), after reviewing your overall financials, a determination on qualification can be made, the type of loan, how much, how much down, etc.; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future.
0 votes
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