I’m involved in a consumer credit counseling program. Can I still qualify for a first-time home buyer loan?
Yes, as long as you have been in the program for 12 consecutive months and have made timely payments. The lender will only consider the one payment made to the credit counseling agency in your monthly debt calculation, not what is showing as payments on the credit report. Some credit counseling agencies require the applicant to ask permission to open any new debt, such as a mortgage. As always, the lender will consider other factors on your loan application in addition to your credit history.
Related Questions
- Because the money must be repaid, isn the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?
- I already own a home, so I’m not a first-time home buyer. Can I still participate in Temple University’s Employee Home Ownership Program?
- I’m involved in a consumer credit counseling program. Can I still qualify for a first-time home buyer loan?
