I went to a very expensive college for 5 years. I haven't graduated yet since I'm working on my PhD. My loans aren't due for another 2 years at least. I have $150,000 in student loans, some credit cards, and me and my fiance each have a car loan. Do we have any hope of getting a mortgage loan to buy a house?
2006-08-18 07:23:37 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Depends on your debt to income ratio...if the ratio of monthly living expenses exceeds the income by 40%, then it is unlikely that you qualify for a cheaper loan...you may still get a loan if you have alot of equity to invest in a new hse etc.....also, the struture of ur student loans is important...if pymts are deferred that can work in your favor ...........
2006-08-18 08:21:01 · answer #1 · answered by boston857 5 · 0⤊ 0⤋
if your student own loan value is deferred for no less than 12 months, some lenders won't count selection that as a cost on your total outgo, yet some will. in case you do not have a (fulltime) interest, you will maximum possibly discover it particularly complicated to purchase a place, except you have stellar credit and a brilliant down value. you would be extra advantageous off purely waiting till after college to purchase a place - procuring a house is particularly annoying and dealing with college jointly as doing it is very very no longer common.
2016-10-02 06:16:20 · answer #2 · answered by panther 4 · 0⤊ 0⤋
Yes. It is easier than you think to get a home loan to buy a house.
2006-08-18 10:18:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Fat chance..........
Too many debts.....your score would be very low
2006-08-18 09:26:13 · answer #4 · answered by king_con 3 · 0⤊ 0⤋