If not, you might be able to buy before they do.
Yes, the student loan monthly payment is counted as a monthly expense. It will reduce your buying
potential. The bigger the payment - the lesser the loan you'll qualify for.
Make an appointment with a mortgage pro and find out how much you can get a loan for,
then meet with the realtor to see what you can buy with that loan amount.
In preparation for your purchase, save up for your down payment, closing costs (sometimes those can be covered by your seller), move in expenses, insurance and reserves.
Hope this helps,
Beachfront Realty, Inc.
Contact one of my mortgage specialists who handle recent graduates loans all the time.
In the mean time if you would like to get started finding homes in the area(s) your looking in contact me and I will be happy to help. I can email a list of homes that suit your needs which will update daily keeping you ahead of other buyers looking for the same thing.
Joe Stafford, PA
Keller Williams Realty
You can search on my website http://www.FortLauderdale-Homesforsale.com
Yes, of course your student loans affect your future purchase. First of all, they will affect your credit score, and secondly, they will affect your debt to income ratio.
My advice is to speak to a Mortgage Professional, who will answer all of your questions. If you do not have someone that you know or trust, anyone who has answered your question here can refer you to someone knowledgeable.
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
Contact a Mortgage professional and they will be able to give you the best response based on your whole financial picture.
New Castle Realty
NMLS # 6395
Financing Kentucky One Home at a Time
The debt to income ratio is a very imporant factor in receiving home financing.
You may be able to alter the ration by exploring modifying your student load debt to an income based plan. Read more about this, and other options, at the following link.
IBR is not the only option. Knowing your options will allow you to develop a long term strategy to get releif or even have the debt forgiven. Any of the options will influence your home purchase options.
Wishing you the best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4042 - http://www.FloridaRealEstateMadeEASY.com
Good Morning! Your student loans do affect your credit score and you need to have a certain score to be able to obtain financing. Call me and I will give you a mortgage consultant with a National Banking system that you can speak with on the phone. This is your first step to purchasing a home.
Susan Penn, PA, SFR, CDPE http://www.susanpenn.com
EWM RealtorsÂ® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | email@example.com | http://www.ewm.com
Are you in default? Default is bad...lowers credit score.
Do you owe on them? Any amounts due are considered debt, and you want debt to be as low as possible so you can better qualify for the home loan you're hoping for.
That's it. If you had student loans & paid them off as agreed or better, it likely raised your credit score, and if there's no debt then it's perfect.