Getting a mortgage while enrolled in a plan of debt management?
Anyone know of any other loans or lenders which takes into account candidates who are currently enrolled in a plan of debt management (DMP) or Credit Counseling Program (CCCS)? I've been making monthly payments on my DMP for almost a year, but they have several more years to go. I'd really like to buy a house. I like to be a home buyer first time. Does anyone know if this is possible?
In fact, I know someone who was in the same boat. He had a credit score of 560, was approved for FHA loan through a local bank, but had to get a letter from the management company debt, saying it was okay to take on new debt.
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