Home Buying in Minneapolis>Question Details

Michael, Home Buyer in Saint Paul, MN

Student loans and mortgage approval amount

Asked by Michael, Saint Paul, MN Sat Aug 10, 2013

I have an income of roughly 42,000 but have student loan payments of 508$ a month - I have an arrangement with my parents that they will pay 345 a month of my student loans and have been doing so for the past three years since i graduated. would i be able to qualify for a loan in the 145,000 range or would it not matter that my parents are paying a large portion of my student loans since it is in my name ?

Help the community by answering this question:


You totally need to meet with a mortgage broker! I suggest:

Bill Boldenow

Purchase Manager / Loan Officer

NMLS# 31974

Cascade Mortgage

2801 Hennepin Ave S

Minneapolis, MN 55408

O: 612-252-3347

C: 612-387-4745

F: 866-365-5065



After he approves you for a loan we can start looking!

Have a good Holiday.
0 votes Thank Flag Link Thu Dec 5, 2013

You are legally responsible for the loan if the loan is in your name, regardless of who is making the payment.

If you can document that another party (parents) have been making the payments, it is potentially possible to exclude those payments from your debt ratio.

Is it one loan? Multiple loans? Who is paying what?
0 votes Thank Flag Link Tue Dec 3, 2013
Nice parents. You might be able to include that $345 per month as income.
0 votes Thank Flag Link Fri Nov 29, 2013

Income and student loans are only two of many factors involved in qualifying for a mortgage. It is possible to qualify for the amount you're asking for based on the information you've provided, but it's hard to be certain without knowing all the details. If you are thinking of buying in the near future your best bet will be to sit down with a lender and go through those details, and have a discussion about what you want to do and how you can do it.
0 votes Thank Flag Link Tue Aug 13, 2013

You have posted 9 questions in the past 10 months or so and most all pertain to mortgage questions, my suggestion to you and/or your fiancee is to schedule an appointment with a lender of your choice then make a list and go over all of your questions with him or her at that time.

Best of luck to you in your mortgage and home search.
0 votes Thank Flag Link Sun Aug 11, 2013
It depends on your income and credit score.
Call Sherri Sherpy at Lendsmart and she will be able to ask a few questions and easily give you an answer.
Her number is 612-363-1106. sherri@iloanhomemortgage.com.
You can also visit her website sherrisherpy.com

Call me if you have any other questions on the real estate side.


Chase Lenz
SP Real Estate
0 votes Thank Flag Link Sat Aug 10, 2013
I'd recommend that you speak to an experienced Mortgage Advisor. While you could qualify for a loan elsewhere, working with a loan officer employed by a specific bank, generally, can only offer you the loan products that his bank offers. Similar to an independent insurance agent, most mortgage brokers have more loan products and a variety of lenders to choose from.

I I highly recommend a guy named Kevin Doyle with Mortgages Unlimited. His number is 612-435-4921.
0 votes Thank Flag Link Sat Aug 10, 2013
Hi Michael,

Kim and Chris are right, there are many other factors to consider but you may be ok.

I'm happy to run the scenario for you, just shoot me a message our give me a call. I always offer a no cost or obligation mortgage analysis.

Good luck,

0 votes Thank Flag Link Sat Aug 10, 2013
You should be very close to being good for a home with those numbers on your own. Yet, Michael, there are so many factors that go into your qualifying, i.e. the type of loan, your credit, other debts, initial investment, first-time buyer, property taxes, etc. it would be imperative that you speak with a loan officer and get pre-approved for your exact situation. If you'd like a couple loan officers names please feel free to contact me, and, when you're ready with a pre-approval, I'd be honored to assist you finding you new home.

(651) 457-HOME (4663) or kim@QuickHomesSearch.com

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

0 votes Thank Flag Link Sat Aug 10, 2013
Both Zillow and Trulia? My answer is the same speak with a loan officer.

~ Chris
0 votes Thank Flag Link Sat Aug 10, 2013
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