Rehab and CAVIERS/FHA Mortgage?

[sjg07]

Once a loan is rehabbed and has been picked up by a new lender, what happens on the CAVIERS report?

 

Will CAVIERS show the entire loan/default/rehab history?

 

Will a person whose gone through rehab and is paying regularly to the new loan owner be eligible for an FHA mortgage?

 

Thanks!

[LynnInMN]

Once a loan is rehabbed and has been picked up by a new lender, what happens on the CAVIERS report?

 

Will CAVIERS show the entire loan/default/rehab history?

 

Will a person whose gone through rehab and is paying regularly to the new loan owner be eligible for an FHA mortgage?

 

Thanks!

 

 

I dont know what a CAVIERS report is, but as long as your loan is out of default you are eligle for a FHA mortgage.

[sjg07]

Thanks, Lynn! At this point I'm just dreaming, but now that I'm cleaning up my student debt (month 6 of rehab so far), I feel like anything is possible. I can answer my phone without fear. What a great feeling!

 

As I understand it, CAVIERS is a database that mortgage lenders check to see if an applicant is in compliance with his student loan lenders.

[OneStep]

I've just finished my rehab (just got my coupon book!) and I had talked to a lender before finishing rehab about an FHA loan. As soon as they report the rehab is done and show the loan in repayment, you're good to go. That could take as long as 90 days after they transfer the loan, though.

[sjg07]

Congratulations on finishing your rehab! And thanks for the info!