Your situation is very common today and does not put you out of the home buying process. Your debt ratio would be calculated based on your total liabilities (monthly payments on student loans, credit cards, car loans.... as well as the mortgage payment for your new home including principal, interest, property taxes, homeowners insurance and monthly mortgage insurance) divided by your gross monthly income.
There are also great programs out there for first time home buyers and interest rates are the lowest they have been in years.
I would recommend you speak to a experienced mortgage lender who can guide you thru the process and find out how much home you can afford. I have over 15 years of lending experience and the knowledge to find the best mortgage products to fit your needs. Please contact me at the below email or phone number with any questions or if you want to start the preapproval process.
Good luck to you!
Nick Nelson (NMLS #384413)
1st Step Mortgage Group, Inc.
6876 Spring Creek Rd. Suite 124
Rockford, IL. 61114
If you need someone to run over your numbers and issue you a pre-approval in a matter of a day feel free to give me a call at 847-207-2641.
Have a great day!
Bill J Deligiannis
First Centennial Mortgage
Your current income, the college loans as well as any other loans, like car loans, the lender will look at and then decide based on all that information if you can get a loan without a co-signer and for how much, then you need a good area Realtor, someone familiar with the area in which you are looking and also familiar with the extra needs of a first time home buyer, which I assume you are.
If I can help and connect you first with an area loan officer to go with you through the financial possibilities, and then I would be able to forward to you via e-mail listings that fit your needs and fit into your price range that will be determined by the lender... So that you can see what is available for
you, should you decide to buy....
So 1st step is sitting down with a lender, or doing it via e-mail
2nd to let me know where you want to look (close to work or ... transportation?) size of property
i.e. 1 or 2 bedrooms, and type of home
Hope to hear from you soon...
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ----
EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com
Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
Your situation is not uncommon for those seeking a mortgage. There may be other options available to you that can alter your ratios.
Take a look and see if any of these are suitable to address you college loan debt.
The Dept of Educations, IBR plan may be of interest to you.
Best of Success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
Give me a call to discuss, or feel free to fill out an online application at my website.
Senior Mortgage Consultant
Yes you can get a loan with student loans. It will come down to your debt to income ratio as far as what payment you can qualitfy for.
I have some great lenders I can refer you to. I work with first time buyers all the time. My services are free to you as a buyer.
Good luck, happy house hunting.