Home Buying in 75115>Question Details

egeorge0118, Home Buyer in Desoto, TX

my credit score is 749 but i have student loan debt. Can I get a home?

Asked by egeorge0118, Desoto, TX Sat Jun 23, 2012

My student loan debt is 1,234 a month and I bring home 4,250 a month. Would I be able to qualify for a home loan?

Help the community by answering this question:


You should speak with a lender. Most lenders will help you set up a plan to buy. Feel free to call me I can put you in touch with some lenders that can go over your needs.

Jonathan Cochran
0 votes Thank Flag Link Wed Dec 5, 2012

I suggest you contact a lender in order to confirm what rumors or trueths you hear on this site. It could be much more than your simple debt to income ratio. If you are looking for a lender that will place your needs above anyone else feel free to contact me directly I will make sure your squared away. Cheers, to your success!!!!

Keller Williams Realty
Real Estate Consultant/ 3xUS Army Vet
Cell: 817-975-7258
Off: 817-635-1157

Website: http://www.blissful-estates.com
0 votes Thank Flag Link Wed Aug 22, 2012
Hi Egeorge,

The common debt and income ratio is about 40-45 max. so you can defintely purchase a home.

I can email you my lender's information. She can pre-approve you and this way you know how much you can spend on your new home.

Good luck!

0 votes Thank Flag Link Mon Jun 25, 2012
You said your take home is $4250. Does that mean your gross is higher or is that your gross? Lenders use your gross income. Depending on how much house you would like to buy you may want to look at refinancing the student loan into a lower payment if that is a possibility.

You really need to speak with an experienced lender or broker and have them run your numbers. From there they can tell you what they say you can afford and then you can decide if you are also comfortable with amount. Remember you don't have to buy at the top of your approval range... it's no fun being house poor.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Sun Jun 24, 2012

Take you advice from a lender..... One just posted below.

Someone else answered too.... But they don't know loans.
0 votes Thank Flag Link Sat Jun 23, 2012
Yes I can put you in touch with one of several awesome lenders I use. They will have the ultimate say on what you can qualify for , thus letting us know where to start looking. The main goal is to definitely buy in this market. Renting you are probably paying 120% or more (just an estimate) of what you might pay as a payment. Call, email or text me and I will help put you in a possition to keep more money (to pay extra and get the debt paid off faster paying less interest), Take a tax deduction for all mortgage interest paid which you cannot take as a renter, and If you by newer you should lower your utility bills due to improved building standards and building requirements (more money in your pocket!!!). As you can tell Real estate, and helping people save and make money is my passion! Allow me the opportunity to make this happen for you!

Best Regards,

John Greer
Realtor/ABR/SFR/Investor/Licensed HVAC Contractor/Licensed Manufactured Home Retailer
United Real Estate Dallas
214-460-8381 Cell/Text
0 votes Thank Flag Link Sat Jun 23, 2012
Can you give us your gross income, rather than take home? What house payment would be comfortable for you? The score is great, and I am fairly sure we could make you a loan, but what do you have for a down payment? We really can't prequalify you just based on this site, so if you call me, I'd be glad to help.

Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas For 30 Years!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Sat Jun 23, 2012
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