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12546 : Real Estate Advice

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Mon Sep 25, 2017
Claire asked:
I'm interested in purchasing a house. I have a lot of credit card debt from college and am working on paying that down. I know I am not in the best position to purchase, but am wondering…
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Thu Jul 13, 2017
Kathy Burgreen answered:
No. You need to know that the law was changed last year and for Fannie Mae loans, the new rule is for lenders to use 1% of the balance owed on student loans and add it to the buyer's debt to income ratio. Freddie Mac doesn't have this rule so if you can find a lender that does Freddie Mac loans, that might be a possibility.

I wo
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