FHA loan with old charge offs

You are not going to like my answer, but until you resolve your student loans, you will never get approved for an FHA loan. Although it is true that a charged off loan will drop off of your credit report in 7 years (from the date of last activity), student loans never go away. The only two ways to get rid of student loans is to either pay it off or die (they won't come after you once you're dead). Student loans will dog you until paid. My advice is to begin working with them to come to a payment plan. Remember, since Student loans are not dischargeable, it is likely that SLMA will just sell the debt to a collection agency who will add a fresh "Student Loan Collection" to your credit report, prolonging the agony. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

You might find someone who can help but my advice is to work on bringing your score up first. You will get a much better loan with a better score. Check out my blog on this site "first steps" it may give you some ideas. I've seen scores improve 50 points in 30 days.while others it takes 4-6 months.

I can get you anFHA loan with a 560 middle score. You will need to put 10% down unless you have a 580 score, then you can put down 560. We work with people all the time in your situation. There may be some things we can help you with to boost your scores quickly.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Have you started to pay down or reached a settlement on those student loans that were defaulted on? FHA specifically states that if you are in default on a government debt, such as student loans, that you cannot receive another government backed loan such as FHA or VA.

With unpaid government loans, taxes, ect - you will be denied on any Government backed loan... FHA, VA, USDA...

Technically it may be possible to get a loan but actually finding a lender who will approve it in your situation will be difficult or impossible if you have significant amounts on defaulted debt, collections or charge offs - especially if they are fairly recent. With your income a natural question will be why you are making payments on those debts. Some will depend on how old they are - how long ago they went into default. 6 years is pretty long and may not matter but you need to show the ability to make payments on time and develop some positive credit to offset the old negative.