+1 vote
I had my present job for over a year I have a second job for six months. I make a total of $83,000 a year. After college my degree couldn’t get me a job because I know experience. I just heard my college loans.Unfortunately when I decided to pay them I was pretty far back but a couple years I decided to consolidate one of the federal loans did not want me to. Sally May consolidated most of my loans and even the federal one. I paid off the federal loan but they said that since I did not use their program that they would keep it on for seven years that I’ve had to fall on my college loan. That’s making my credit score go down 40 points I have a solid  600 fica  but the fault is killing me. I make well over $3800 bring home a month. I have a small car loan and of course my Cartlidge consolidation loans. I’m 27 years old and just want to get on with my life. Buy a home, and start living. I almost regret going to college but now I would not have the careers I I have today but I wouldn’t of been in $80,000 in debt. I have to say  I use most of my money the last year and a half and pay down to almost 50 some thousand left.  I’m being punished because I could not get a job right out of college to pay me the big bucks. And then when the federal company wanted me to go through the loan program it would add thousands of dollars more on and I still would’ve been able to get another loan for another year or so. Almost punishing me for  differing my loan.  I’m at a loss I don’t know what to do
asked Feb 13 in Buying a Home by anonymous

1 Answer

0 votes
You cannot qualify for government and conventional loans with federal student loans in default. Never clear CAIVERS. Need to get student loans out of default and in good standings. Once you get student loans in good standings and a written payment agreement, make 3 timely payments and you will then qualify.

Gustan Cho NMLS 873293
answered Feb 14 by GustanCho (107,040 points)
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