WE ARE PLANNING ON BUYING A HOME AT THE END OF THE YEAR. MY HUSBAND CURRENTLY HAS A 16,000 ARREARAGE FROM CHILD SUPPORT ENFORCEMENT ON HIS CR. HE HAS BEEN PAYING ON THIS DEBT SINCE JUNE OF 1998 BUT OF COURSE THE CRS'S STILL HAVE TO REPORT IT AS 120+ BEHIND. WILL THIS HINDER US FROM PURCHASING A HOME OR DOES HE JUST HAVE TO PROVE THAT HE HAS ALREADY SET UP A PAYMENT PLAN AND HAS BEEN PAYING ON THIS DEBT FOR THE PAST 5 YEARS??
I'm a loan officer! An unresolved child support issue will prevent you from getting an "A" paper government backed loan. However, if you can prove that he has a payment plan set-up, that the account is in good standing, and that he has made regular payments for the past 12 months, you probably will be able to get an exception despite what's listed on his credit report. Look into an FHA 3% down loan. If his mid FICO score is above 620, you still may be able to get a FannieMae loan. Find a good mortgage company and get pre-qualified as early as possible. Chances are you will be fine.
dmplz Any debt that is showing lates on a CRA will cause a dificulty in obtaining a mortgage. The fact that there is a repayment plan in place many times will be a mitigating factor, though there will be questions that will need to be answered about it. Why did your DH get so far behind for example will be one that will need to be answered. How long has DH been in the repayment plan and has been current the entire time is another question that will need an answer. Also, what do the rest of his credit reports look like. There really isn't enough information to give solid advice yet. But I hope this helps as a start. fla-tan
He was out of work because he was away for three years. Two months after he returned Child Support Enforcement started the payroll deductions from his paycheck in June of 1998. Since then he has never missed a payment. He has all of his paychecks to prove this. His Credit Reports are as follows: Experian: Installment Loan/Balance 3,336 Verizon Collection Account/Balance 288 Transunion: Installment Loan/Balance 3,336 Child Support/Balance 15,874 Equifax: Child Support/Balance 16,000 Installment Loan/Balance 3,336 Installment Loan/Balance 13,826
Re: Re: Loan Officers Please Help!! dmplz Please email me off-board. There is additional information that I need to ask you and the answers may not belong in a public forum. If you have never done it before, you can just click on my name at the beginning of the post to get to my email. fla-tan
