Home Buying in 41075>Question Details

Joannefeldma…, Home Buyer in

Does a 225k student loan affect my ability to get a home loan similar to other outstanding debts? I'm a med school grad doing residency.

Asked by Joannefeldmann, Thu May 10, 2012

As a resident my annual salary will be 45k a year.

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If your student loans require monthly payments now, a lender will have to include that debt. If the loans are in deferment (meaning you do not have to pay on them yet), they can be excluded from your debt calculations on some programs, providing that you can prove that they are deferred for a certain length of time. (There are several different loan programs you may qualify for, and each has a specific requirement as to how long they must be deferred – some will not exclude them at all.) A quick call to a Kentucky loan officer should give you a good idea of what is available to you here! Good luck!
1 vote Thank Flag Link Fri May 11, 2012
Hi, Joanne. FHA does not take into account student loans if you're still in school for at least 1 more year or they will be in deferment for at least 12 months from the date of your closing.
0 votes Thank Flag Link Thu May 10, 2012
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