Question : Will student loans stop me from getting a home loan?
I am about to gain a $13000 debt in student loans. In about 6 months we are applying for a home loan. Will that student loan be applied to my debt to owe ratio? Will it be a factor when applying for a home loan?
- asked by
All Answers:
Answer #1
When applying for a home loan your credit reportwill be reviewed and you may be required toprovide a number of other details, including:Employment and income records, Tax Returns for thelast few years List of assets, List of liabilitiesand what you owe, Your budget showing monthlyliving expenses so that you can demonstrate anability topay.
http://www.worldbestloans.com/homeloans.htmWith this information you and your lender will beable to determine the kind of home loan and sizeof the right mortgage for you. In some cases, youcan obtain a pre-approval or pre-qualifiedcertificate, which shows how much you can borrowso that you can then shop for homes in anappropriate price range.
- answered by Brayden
Answer #2
Possibly. It depends on how much your income isand how much you have to make in monthly paymentsto your student loan. When the bank looks at yourability to repay a loan, they want to see that thetotal house payment (for principal, interest,taxes and property insurance) is less than 28% ofyour gross monthly income, and that the realestate payment plus all other debts (car, creditcard, student loan) are not more than 33% of yourgross monthly income.So, I would go towww.bankrate.com and use their loan calculator tofigure out what the monthly payment will be forthis $13k loan (it is probably less than $100),and then calculate what your 28%/33% ratios are,and see if the $100 student loan payment will pushyou above 33%.Good luck..
- answered by Lauren F
Answer #3
No, never. It will not stop you from getting homeloan. Home loans are given to wide range of peopleand with wide range of credit score. If you cansecure some thing you can easily get this loan. Ifyou are not securing any property you need to getthis loan with bad credit lenders. There are lotof bad credit lenders who are ready to give youhome loans. Apply online and get the loansdone.Below website will help you in getting amortgage loan.www.loan-guides.net/home-loan
- answered by David R
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