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Hello I am currently in a Debt Management Program due to moving and the bills were just way too high and the credit card companies would not work with me. I plan on purchasing the house that I am currently renting in 7 months. I am interested in a USDA loan due to having no down payment and I live in a rural county in North Carolina. I have spoke to multiple Mortgage Lenders and they said I wouldn't be approved due to being on a DMP. I would like to know if that is true? and if it is, is there any way of going off the DMP but still making the payments that were agreed upon myself because I can't afford much more. Thank you for all the helpful information. :D




There is no way to get that DMP delisted from your credit, either that or you have to wait 7 years to buy the house. On the other hand, you can see if the mortgage lender will agree to lend if you offer him a larger down payment.

Sub: #1 posted on Mon, 11/05/2012 - 22:48

Steve Barris Steve Barris

(Posts: 1045 | Credits: )

Quote:
either that or you have to wait 7 years to buy the house


Why on earth would he have to wait 7 years?? Please learn your facts before posting.

I debt management plan will tank your scores. Complete the plan and become debt free and mortgage lenders will then start looking at you.

Right now you probably wont get a mortgage loan from anyone because you are a high risk. You are not paying your debts as originally agreed and their is the risk that one of these creditors will sue you, even while in a debt management program. It happens frequently. You need to get your debt under control and paid off before you even think of purchasing a home. It may sound harsh, but that is the reality of this economy.

Sub: #2 posted on Tue, 11/06/2012 - 05:23

SOAPLADY SOAPLADY
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(Posts: 17272 | Credits: )

Sorry. My bad. What was I thinking! :confused:

DMPs disappear from your credit report as soon as the program is successfully completed although the information might take up to 120 days to be reflected in reports from all the 3 major CRAs.

Sub: #3 posted on Wed, 11/07/2012 - 01:56

Steve Barris Steve Barris

(Posts: 1045 | Credits: )

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