Home Buying in 60707>Question Details

Claudia Anto…, Home Buyer in River Grove, IL

I have colleg loans that need to be paid back but have good credit. Is there a way I can get a loan without a co-signer?

Asked by Claudia Antonelli, River Grove, IL Tue Jul 10, 2012

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17
Andy Ogorzaly’s answer
College loan debt just surpassed credit card debt, so you are not the only one in this situation. However, the formula for calculating how much you qualify for is too complex for a Realtor. Talk with a lender first about your income, credit, debt etc. They should be able to come up with a number for you right away.
0 votes Thank Flag Link Wed Jul 11, 2012
Good Morning Claudia,

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!

Sincerely,


Nick Nelson (NMLS #384413)
1st Step Mortgage Group, Inc.
6876 Spring Creek Rd. Suite 124
Rockford, IL. 61114
815-289-0880
nickn@1stepmortgage.com
0 votes Thank Flag Link Fri Jul 13, 2012
This is not uncommon, the majority of my cliental are professionals between the ages of 23 and 32 most if not all have student loans.

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!
0 votes Thank Flag Link Wed Jul 11, 2012
You need to get yourself pre approved by a lender. Be prepared to provide your income, asset and credit info. Feel free to contact me should you need any assistance.

Bill J Deligiannis
630-788-5288
B.Deligiannis@GoFCM.com

First Centennial Mortgage
0 votes Thank Flag Link Tue Jul 10, 2012
Call Chris DePaepe, Guaranted Rate 312-379-3542 or email her at chrisd@guaranteedrate.com.

Another very worthy lender is Matt Bukovy, Wintrust Mortgage 773-654-2498 mbukovy@wintrustmortgage.com.

Good luck!
0 votes Thank Flag Link Tue Jul 10, 2012
It depends. I would talk to a few lenders and see what they say.
0 votes Thank Flag Link Tue Jul 10, 2012
Hi Claudia,
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...

Sincerely yours,
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 :)
0 votes Thank Flag Link Tue Jul 10, 2012
Claudia,
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.
-
http://www.equaljusticeworks.org/news/blog/studentloanranger…
-
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
727.420.4041
http://www.RealEsateMadeEZ.us
0 votes Thank Flag Link Tue Jul 10, 2012
Of course! But you'll only be approved for an amount you can afford.

Give me a call to discuss, or feel free to fill out an online application at my website.

Thanks,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
773-416-7107
http://www.mattbukovy.com
0 votes Thank Flag Link Tue Jul 10, 2012
Yes as long as they ate deferred or you are paying the monthly min. If they are in default no .
0 votes Thank Flag Link Tue Jul 10, 2012
My web site has lender refernces. It does not cost anything to speak with them, but only let one of them run your credit unless you already have it. The more you run your credit in a short period of time the lower it goes.
0 votes Thank Flag Link Tue Jul 10, 2012
Hi Claudia,

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.

Best,
Ivan Sagel
312-515-7823
IvanSagel@DwellOneRealty.com
0 votes Thank Flag Link Tue Jul 10, 2012
You can actually buy a property if it is owner occupied with a score as low as 580 (with conditions of course) and a low down payment. Therer are lots of programs out there right now.
0 votes Thank Flag Link Tue Jul 10, 2012
Please get with a lender and have them preapprove you. Just because you have student loans does not mean that you are not qualified for mortgage. This person will assess you total credit worthiness and let you know what you are qualified to do as far as homeownership or what you can do to get yourself ready.
0 votes Thank Flag Link Tue Jul 10, 2012
Ansolutely! It all depends on your debt to income ratio and your score. Email me at nbrown@dreamtown.com I would be more than happy to put you in touch with someone who can further answer all of your questions!
0 votes Thank Flag Link Tue Jul 10, 2012
yes although it will all depend on your income and the property o uwant to buy.
It is all based on your debt ratio and type of property, occupancy etc.
0 votes Thank Flag Link Tue Jul 10, 2012
Hi Claudia, the answer will depend on you debt to income ratio. It just might surprise you how much of a loan you will qualify for with today's low rates. Contact a local Realtor and ask for a referral of a good lender!
Good luck, happy house hunting.
Jim
0 votes Thank Flag Link Tue Jul 10, 2012
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