Home Buying in 33328>Question Details

Dreamer9292, Home Buyer in Fort Lauderdale, FL

Will student loans affect me buying my first home? And if they do, how will they affect me?

Asked by Dreamer9292, Fort Lauderdale, FL Mon Jun 25, 2012

Help the community by answering this question:


Check your credit report (3 agencies) to see if you have student loans showing as of yet.
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,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Jan 23, 2013
The answer is yes, however they only show as a debt within a certain time frame from graduation.

Contact one of my mortgage specialists who handle recent graduates loans all the time.

Justin Miller
Fembi Mortgage

Gabriel Pelusso

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
0 votes Thank Flag Link Wed Sep 5, 2012

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.

Good luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
0 votes Thank Flag Link Mon Jun 25, 2012
Depends if you are current on them or not and how they contribute to your financial situation.
Contact a Mortgage professional and they will be able to give you the best response based on your whole financial picture.
Good Luck!
Genevieve Ramachandran
0 votes Thank Flag Link Mon Jun 25, 2012
Student loans will not affect your ability to purchase a home, unless they have lowered your credit score. If you are interested in finding out more about your credit and how much you can qualify for, then call me at 954-805-8392.

Les Stein
New Castle Realty
0 votes Thank Flag Link Mon Jun 25, 2012
Even your blood type could have an impact, just kidding. But any debt can have an impact, just know that the underwriting guidelines are there to protect you so follow them to the letter. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Jun 25, 2012
The content of your questions suggests you may have sizable student debt.
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
0 votes Thank Flag Link Mon Jun 25, 2012
Dear Dreamer9292,

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 Realtors® | 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 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Mon Jun 25, 2012
All credit, including student loans, impact your ability to get a home loan.

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.
0 votes Thank Flag Link Mon Jun 25, 2012
Of course they will. They are a debt and you have an obligation to repay them. Speak to a loan officer who will ask you your income vs debts to determine how much of a loan you qualify for.
0 votes Thank Flag Link Mon Jun 25, 2012
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