i am a graduate, i should be paying my student loan back when i get a job, but would i still be able to get a loan for a new house, if so how?
2006-07-09 15:45:01 · 10 answers · asked by pinkblush21 1 in Business & Finance ➔ Personal Finance
Your ability to get a loan depends on a couple of things.
First, if you can put down 20%, you should be good to go. That 20% is collateral. If you default, the bank keeps it.
If you don't have the 20% to put down, you will need two loans. One for 80% and the 2nd for the rest of the down payment. In this case, your credit history and other factors (assets, work experience, education, etc) will matter more.
Also, you asked if you could get a loan to buy a house, but if you're interested in the size of the loan you might qualify for, check the link below. Good luck.
2006-07-09 15:58:41 · answer #1 · answered by pluralist 2 · 1⤊ 0⤋
Yes you may purchase a house as long as your student loans are current as well as your other consumer debts that you might have.
To purchase your house you should contact a mortgage "Broker". You will need to prove that you have a job, proof of savings accounts as well as checking accounts is necessary. The mortgage broker will tell you the items you will need. You may call one out of the telephone book unless you can get a referral from a friend or some other way. Once you talk with him and give him the documents he need he will get your credit report which will have your credit score. Your income documents will tell him how much you earn.
Based on how much you earn and the consumer debt you have he can tell you how much house you can afford, the monthly payments and other things necessary to purchase your house.
He will issue you a pre-approval (Not a Pre-qualified) letter. He will introduce you to a professional real estate agent who will assist you in finding your house. Once you have decided on the house you want, the agent will then get a purchase contract signed by you and the seller. He will give this to the broker along with some other documents needed to get your house.
The broker will then order an appraisal to confirm the value of the property. He will take about 10-14 more business days to finish the paper work on your loan and order your loan docs for you to sign. He will also secure you a closing agent called an escrow to close the transaction and do the title work necessary.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-07-09 16:12:21 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
A student loan is put in a different category and will not affect your ability to get a mortgage. Remember also that you can defer paying back your student loan. To get a mortgage though, you will need a job.
2006-07-10 01:01:19 · answer #3 · answered by ribena 4 · 0⤊ 0⤋
Yes.
1. Student Loans are also deferrable
2. There are new construction projects within many cities that over entry level home buying to great lofts, condos, and homes - they are called BMRs - below market rate housing. Housing at below market rates essentially and its based on your income mainly. As your are a graduate, your income may be low for now..
2006-07-09 16:02:36 · answer #4 · answered by dotobjects 3 · 1⤊ 0⤋
Yes, provided you have started earning and if your installment for paying the student loan is less than 30%, you can get
2006-07-09 18:18:40 · answer #5 · answered by Vivek 1 · 0⤊ 0⤋
each and each and every time that your status drops lower than 0.5 time, your grace era is activated. (i.e., summer holiday, LoA's, and so on) in case you do not use the completed six months and resume a 0.5 time status or better, your loans without delay bypass decrease back into deferment if the school receives an replace by potential of the Clearing living house equipment. in case you do not use the entire grace era, the completed stability of that element is "refunded" decrease back into your grace era. as an celebration, you've six months. you're out of school for 3 months. in the time of that 3 months, your loans are in grace. yet once you attend type back (a minimum of 0.5 time) after that 3 months, your grace era is decrease back to 6 months. once you graduate, you're able to have a six month grace era. if you're out of school 6 months or longer, you could ought to start up compensation. in spite of the indisputable fact that, virtually all pupil loans have the alternative for in college deferment. So once you bypass decrease back to varsity, you should pick to the contact your lender, or the Clearing living house ought to notify them without delay, yet your loans ought to bypass decrease back into deferment. in case you do not use the completed grace era, then it is going to nevertheless be accessible on your use. i'm hoping this facilitates you.
2016-11-30 23:10:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you can still get a loan for a house as long as your credit score is not effect by it if it shows up as derogatory on your credit that's not saying you wont get the loan but the interest rate you pay will be higher and the rate you get will depend on your FICA score (credit score)
2006-07-09 15:57:16 · answer #7 · answered by BabieG 2 · 0⤊ 0⤋
If your credit is good, sure.
Your "bad" credit according to the reporting bureaus are your credit cards and outstanding balances on anything else. As long as minimum payments are made on time, loans aren't so bad.
2006-07-09 15:51:25 · answer #8 · answered by Isles1015 4 · 0⤊ 0⤋
Course you can and it is certainly (in the long run) cheaper than paying rent. Go for it!
2006-07-09 15:49:50 · answer #9 · answered by Saudi Geoff 5 · 0⤊ 0⤋
I found some good info here.
2006-07-09 20:11:02 · answer #10 · answered by Anonymous · 0⤊ 0⤋