Psyched to start !...but a major roadblock?
Hi everyone, great forum here. I am a young professional working in New York City and have been researching and planning on getting into a property. My current situation is I have been working 6 years at an office job and renting right outside of Nyc. My credit took a hit in college and right after college (defaulted on student loan). But ever since I have been paying my other credit cards on time and received a pretty good raise at work but I still have the default on my record (private loan). My goal is to buy a property using an FHA loan but will the negative credit ultimately prevent me? Am I better off trying to put together a deal via syndication or as a wholesaler and get a cut and build up a bigger cash reserve so I can clear the defaulted loan off my report ( rent and cost of living is insane here so I haven't been able to)
Does the student loan prevent me from getting any mortgage?
Any advice would be appreciated thanks!