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If I fail CAIRVS for FHA loan due to student loan that needs to be paid, can I switch to conventional loan?

by sltolbert47884 from Lafayette, Indiana. May 21st 2017 Reply


Yes. But it depends on a multitude of factors. You still have to qualify for the Conventional requirements.

May 21st 2017
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Michele Pavey (michelepavey@gmail.com)
#51 ranked lender in Indiana - 5 contributions

CAIRVS is for government lending you should be okay

May 21st 2017
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John Burke (jburke)
#1 ranked lender in Texas - 183 contributions

Hi Sltolbert47884,Yes you can switch to a conventional loan as long as you can meet the stricter guidelines. Another option would be to refinance or rehad your student loans to get them out of default which will nullify the CAIVRS hit. | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

May 22nd 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,439 contributions

Yes, conventional should be fine, as that background check is only on government loans.

May 22nd 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Typically, folks go with FHA because they accept lower credit scores and allow for higher debt to income ratios as well as lower down payment requirements.. If you can qualify for an conventional loan, then CAIRVS is not run on Fannie/Freddie files.. only government loans. But regardless, the lender might require you to account for the unpaid student loan depending on how it's showing on your credit report. (collection, charge off, judgement, etc..). I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 22nd 2017
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