Home Buying in 23235>Question Details

cmbanks2, Home Buyer in Richmond, VA

My credit is sufficient for home buying, but the first mortgage company I visited cringed at my student loans. Will this keep me out of the housing?

Asked by cmbanks2, Richmond, VA Mon Apr 29, 2013

market forever? I have a steady income (school teacher for the past 13 years) and this would be a first time purchase for me. I am currently in school and loans are deferred.

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Answers

5
Student loan should not keep from purchasing a home. You'll need to consult several lenders. Don't give up until you find someone who'll know how to help you achieve your goal.
0 votes Thank Flag Link Fri Aug 16, 2013
I have several good lenders in the area that will work with you to see how it is best to restructure your student loans and get your debt ratio in line so that you can purchase a home. Give me a call and let me help you not only find the right local lender but find the right home to match your needs and budget. Glenda Holloway 804-363-4335 Associate Broker for Keller Williams Midlothian
0 votes Thank Flag Link Mon Apr 29, 2013
Should not prevent you but some Banks are more rigid for sure. They are factoring your debt ratio as well. As Larry indicated you may have to restructure the Student Loan but fairly confident you will find a lender who would be able to do the loan. Best of Luck!
0 votes Thank Flag Link Mon Apr 29, 2013
You may need to work on restructuring your student loans, but the short answer to your question is that no they will not prevent you from getting a mortgage, thought they will affect how much you'll be able to qualify for.

Not all loan officers are the same, and if you spoke to one of the big banks, I can assure you this was not the right lender to approach.

You should approach a Credit Union or a small local bank or mortgage broker and I suspect you'll get a better reception.
0 votes Thank Flag Link Mon Apr 29, 2013
Loan officers look at different variables in prequalifying buyers. They look at credit scores, employment history and debts to determine debt-to-income ratio. Hence, even if a buyer is earning 10K monthly and monthly debt payment is $6500--this ratio diminish his capacity to get a loan.

However, why not try to consult with another loan officer? If you can't get a loan now, at least he can point you to the right direction towards home ownership.

Best of Luck.
0 votes Thank Flag Link Mon Apr 29, 2013
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