2006-11-27 06:28:32 · 8 answers · asked by Happy Health Coach 1 in Business & Finance ➔ Renting & Real Estate
Even if the answer is yes, it should not be a major factor. I know people that got loans to go to private schools and, as a result, had a huge debt. That didn't stop them from buying $300,000-$400,000 condos in Los Angles. Good luck to you.
2006-11-27 06:58:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It's looked at just like any other debt. If you are current with your payments and the combined payments for your student loans plus all other debts (car notes, credit cards, etc) doesn't exceed the maximum allowed for your income and desired mortgage, there won't be any issue at all. If you are behind in the payments, then it will have a negative impact just like being behind on credit card bills would.
2006-11-27 06:34:17 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
Absolutely anything in collections on your credit will be looked at when buying a home. If your loan is kept current then the only thing it will hurt is your debt to income ration. Good luck. Talk to a bank, they can pre-qualify you free of charge.
2006-11-27 06:33:32 · answer #3 · answered by Michelle Lynn 4 · 0⤊ 0⤋
All debt is considered
If you owe more then you can pay with the mortgage, you are going to have a hard time getting a loan
2006-11-27 06:36:08 · answer #4 · answered by BigD 6 · 0⤊ 0⤋
As long as it's paid as agreed, it is looked upon like any other debt. Actually, on first time homebuyers, it can be very helpful because it is usually the longest reporting trade line.
If it's in collections, then you need to resolve the balance before getting a mortgage.
2006-11-27 06:49:00 · answer #5 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
The monthly payment will reduce your available income to pay the new loan. So, yes.
2006-11-27 06:41:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
it is looked as debt. If you pay well it is good if not it is bad. It is no different than any other debt
2006-11-27 06:32:45 · answer #7 · answered by Jim7368 3 · 0⤊ 0⤋
Yes. Especially if repayment is current and the balances are large.
2006-11-27 06:33:44 · answer #8 · answered by boston857 5 · 0⤊ 1⤋