Home Buying in North Bergen>Question Details

Jessica Rosa…, Renter in New Brunswick, NJ

Can I qualify for a mortgage with student loan debt? My husband and I have good income (140K ) but I have about 100K in student loans.

Asked by Jessica Rosales, New Brunswick, NJ Sun Feb 2, 2014

Help the community by answering this question:


Jessica, yes you will be able to qualify. It is a matter of monthly debt to income ratios. Underwriters will take into consideration the monthly payment on those students loans. As long as that payment, your other monthly debt, & the new mortgage payment are under a certain threshold, you will be able to qualify. obviously, income and credit history will be taken into consideration as well.

Each type of loan, fnma, Freddie mac, fha, va, jumbo will allow for different levels of debt to income ratios. Then you must make sure you loan follows qualified mortgage guidelines set forth on January 10th this year.

Bottom line, it has never been more important to be fully pre-approved before you start your home search than now. Licensed mortgage professionals like myself can give you the correct game plan to ensure a smooth home buying transaction. Best of luck! Feel free to reach out to me to discuss further.

Joseph S. Cordova
Trusted Mortgage Advisor
NMLS 146855
Evesham Mortgage, LLC
65 East Route 70, Plaza 70
Marlton, NJ 08053
856-985-9944 ext. 103 Tel
856-304-2381 Cell
206-333-0946 Fax
Web Reference: http://www.joecordova.com/
0 votes Thank Flag Link Mon Feb 3, 2014
Your income to debt ratio is key but definitely speak with a mortgage professional. One good source is Peter Traum at NJ Lenders. He's incredibly knowledgeable about various types of financing options and can help you find out what you may qualify for. He can be reached at 973 993-5858 or by email at ptraum@optonline.net. Feel free to tell him I referred you.

Sandi Scranton
Century 21 Joe Tekula Realtors
Sucasunna, NJ
0 votes Thank Flag Link Sun Feb 2, 2014
Hello, You need to speak with a mortgage professional. If you need the name of one I will get it for you.

Jane DeVincentis and Karen DeVincentis
973-820-5053 or 973-670-1053
0 votes Thank Flag Link Sun Feb 2, 2014
There are a variety of different loans you may qualify for, and there are several factors that affect what you are approved for and what best fits your needs. The smallest detail could make all the difference in getting you want you want and need, so feel free to call me to discuss your options! 609-399-5454, or email me directly at caraconnor@kw.com
0 votes Thank Flag Link Sun Feb 2, 2014
Hi Jessica, I am real estate Agent with Remax Villa Realtors in North Bergen, with 140k income (not sure if this income is net or gross) if it is 140k net the basic math that you have to do is:
You monthly income is: 11660 aprox.
Deduct your monthly fixed expenses (including your student loan)
The result of that amount will be your frame to determine for how much you do qualify.
The other additional parameters for your qualification will be your credit score and the resources that you have for your closing expenses (which should be a problem with your income)
However you should go the a mortgage rep. of your preference first, so they can run your credit to determine your credit score and your liabilities, at the same time they can provide you the amount up to how much you are qualified for.
After your get your qualification, you can contact me to help you the find the right property for you. In addition, I know mortgage brokers who can help you, let me know if you need referral
Flag Sun Feb 9, 2014
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