When buying your first home, will a student loan have an affect when getting approval for one? If so, what affect or no affect will it have, if you

Asked by Tina, Austin, TX Sat Jan 16, 2010

already got pre-approved?

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, ,
Sun Jan 17, 2010
Adding to Al

Deferred student loans do not count against your debt ratios if proven to be deferred for 12+ months.
This is an FHA guideline.

Conventional loan? It counts as debt regardless of deferment.
0 votes
, ,
Sat Jan 16, 2010
Tina, it would affect you, as others have stated but only if the payments are not deferred.

If the payments for the student loan are deferred, then it won't have any affect on your loan.

Good luck.
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sat Jan 16, 2010
Millions of people have bought a home having student loan debt. The only problem as I understand it is related to your total debt compared to your income.

If your total debt as a percentage of your income is very high it could be a problem. If your total debt compared to income is within the lending standards any loans, student loan or other should not be an issue.
0 votes
, ,
Sat Jan 16, 2010
Are you saying that you will be taking out a new loan?
When you do.... disclose it to the loan officer. Likely no problem.
0 votes
Bruce Lynn, Agent, Coppell, TX
Sat Jan 16, 2010
Student loan will figure in to your total debt and payments on your debt to income ratios.
Best to get with a lender and figure out exactly what you qualify for.
0 votes
, ,
Sat Jan 16, 2010
Are you talking about an existing loan, or taking out a new student loan? If you take out a new loan, before you apply for a mortgage, the lender will see that your credit was run, and ask if you have had any additional credit extended to you. This is where things really get sticky. You would have to show either what your monthly payment will be, or they will take 5% of the balance, and add that to your debt ratio. The same thing applies to things like car loans or leases as well. Even though you were pre-qualified or received a bank pre-approval, all information would be run again and you would have to qualify.
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