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Student Loan Deferment Expired

Hi. I recently graduated college - Cal State Berkeley, in 2015. I graduated from my intern program and now I am on staff with the Hospital and my student loan deferment has expired now that I am working. Well I recently was approved from a home 6/1/2018, (approved for $399k, FICO 698, Income $117/yr, debt $2,800/month). I am still shopping for my home and was recently informed by by credit monitoring service that my student loans now have a 30 day late as i was not informed when the deferment ended and 1st payment was due. I want to know if this is going to effect my approval? I am worried to tell my Lender and Real Estate Agent. My loan is a total of $120k by faithlovecherity2279 from Berkeley, California. Jul 11th 2018 Reply


Edgar Aranda (earanda)
#752 ranked lender in California - 93 contributions

it should not impact your approval. Are you open to a second opinion we can also assist you with this. What is your email address where I can send you my information?

Jul 11th 2018
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Your good. This will not effect your approval. It will possibly effect your credit score if your lender needs to re-pull credit.

Jul 11th 2018
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

More info needed.. How far along are you in the buying process? Are you under contract? When are you due to close? Credit reports need to be re pulled if your report is greater than 90 days old at the day of closing.. If you lender needs to re pull the credit, and the late payment shows on your credit report, it could affect your ability to purchase since a "current open account" is showing 30 days delinquent.. your score will drop significantly, and if it drops too low, you can be denied.. if you will close before 90 days, then the lender will still re pull the credit report just prior to funding, but only to be sure you did not take on any new debt.. if this is the case and the delinquent payment shows, then you might need to prove you have brought the payment current and provide a letter of explanation stating you were not notified of the payments starting.. If the late payment is not reflected on your credit report at all, then obviously, it wont be a problem. Regardless, you should notify your lender just to be sure.. keep in mind that they are on your side.. your loan officer is the buffer between you and the decision making underwriter.. if he knows of a problem ahead of time, he can spin it to where it wont hurt you.. but if you don't disclose it, and it's discovered later (it's almost always discovered).. then it could look like you are hiding something, and that wont look right.. I'm a preferred Lender with California and Arizona 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 / LendUS, NMLS 1938/ AZMB0121893

Jul 11th 2018
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#134 ranked lender in Florida - 692 contributions

I would call the student loan dept and clear this up with them ASAP, credit monitoring isn't the be all end all, but if it is true i will come out in the wash unless you call your student loan 800# and explain your case, its the 1st payment and you have never been late so I would think they would give you a break and keep asking for supervisors until you get the answer you want it is worth the hours you might spend on the phone. good luck

Jul 12th 2018
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John Burke (jburke)
#30 ranked lender in Texas - 200 contributions

Hi Faith,If a lender has to re-pull your credit, the late payment will absolutely have a negative effect. The best thing you can do is call your student loan provider right now and ask them for a 1 time courtesy delete & get the late payment deleted.Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50

Jul 17th 2018
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