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Frequently Asked Questions

YES, but there is more to it. We will be able provide more specific information once we have all your information.  Some lenders may disqualify you immediately, but our preferred lenders will take a look at your overall credit history.



Most financial entities will ask that you set up a payment plan with the Department of Education or whoever holds your student loan debt. 

Our team is available to guide you through the process of establishing a payment plan. Once implemented, consistent adherence to this plan over a specified period will be required before you may qualify for home purchase consideration.


In some cases, credit repair companies have been successful in removing student loans from credit reports and while it may become invisible to other creditors when you’re buying a home that’s not case. 

The Housing Department tracks all government loans which are tied to a consumer’s social security number.  It is called CAIVRS (Credit Alert Verification Reporting Systems) and this will uncover all negative and derogatory student loan debt. 


Depending on the time elapsed it is possible to purchase a home with a previous foreclosure. The timeframe is between 2-3 years after a FHA recorded foreclosure and 7 years after a conventional recorded foreclosure. There can be special circumstances surrounding a bankruptcy. In this case, we highly suggest that you consult with a loan officer.

It is suggested that you have a minimum mortgage FICO CREDIT SCORE of 620 to be considered for a mortgage.


But you can receive gift money from a family member or spouse for down payment on your home but these funds will have to be sourced by the person showing their bank statements to the lending company to prove that the funds in fact came from the Donor. 

If the gift funds were not already in the bank this could VOID the transaction from the donor.

For Example: A Family member or Spouse can’t put cash in their bank account and then proceed to offer you money in the form of a gift. 



Even though credit plays a major part in the homebuying process it’s fair to say that if you have great credit but with a high debt to income ratio and a lack of assets this could cause you not to qualify for a home loan.

Ideally if you make at least $25.00-$35.00 hr or min $45,000 a year salary and you don’t have a car payment or student loans, You should be able to purchase a home with a min 620 FICO Mortgage credit score.

**Please disregard Credit Karma scores they can’t be used to qualify you for a mortgage.*** 
If you can find a Co-Signer the Loan Officer can merge both incomes together and see if that works for you. 

The Co-Signer would need a min mortgage credit score of 620 with a low debt ratio and not have a mortgage on another property. 

Please do not reference Credit Karma scores in the matter we would need to pull credit to get both parties mortgage credit scores.  
Your auto payments would need to be current.

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