mortgage eligibility
Date: Wed, 04/15/2009 - 20:34
If I enroll in a DM program, will I be eligible for obtaining mortgage????
though there is no limitation as such, some lenders may view it
though there is no limitation as such, some lenders may view it negatively and thus may deny or ask for high rate of interest. But if you are in a debt management program, it should not affect you in getting mortgage. Timely dmp payments for a year or two is considered to be positive, by many lenders.
Hope this helped :)
According to FHA guidelines, you have to be in the the program f
According to FHA guidelines, you have to be in the the program for at least one year. You have to show proof that all payments were made on time to the debt management company. You will also need a letter of explanation explaining why your in the debt management program.
Other than that, standard underwriting guidelines go into play. DTI, credit score