Thanks for your response Luke. We actually plan on putting 20% down, so our mortgage would be for $136,000. We really do not want to spend more than $170,000 on a home. My husband and I both have credit scores in the mid 700s. I am not able to defer my student loans ($1400/month for 10 years), so could we stil qualify for a mortgage without defering the student loans? Thanks again!

User-
While I don't know what your credit file looks like, it appears quite good for you to qualify for a new home purchase - especially for a mortgage around $170,000.

Only the minimum payment requirement will be factored in your debt ratios to qualify for a loan. If the student loans repayments are derferred for 12 months or more, then no debt payment will be used at all.

Earning approx $12,000/month combined should allow you o qualify for a mortgage payment between $3,000-$4,000. This is more in the proce range of $300,000 - $400,000 - well above $170,000.

I don't want you to borrow or spend above what your are wanting to pay - just know that you should be quite okay to qualify for a $170,000 purchase.

If you have any questions about the qualification process, you are welcome to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com