I graduated from college last year and am wanting to buy/build a house. I am curious about how likely it is to get approved for home loans when I have around $60,000 in debt from school. Is this even an option for me right now?
How likely is to get a home loan from a bank when having over $60,000 out in school loans?
Mon, Mar 8, 2010
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March 8th, 2010 at 9:58 pm
depends on your credit score and your debit to income ratio. I would seek a pre-approval letter for financing thru your current bank – before seeking out a property to purchase. that way you know if you are qualified and your price range.
March 8th, 2010 at 10:25 pm
it all depends on your income and credit. The monthly debts on these will be included in your debt to income ratio
I am a mortgage banker in TN
March 8th, 2010 at 10:29 pm
It all depends on your Debt to Income ratio. Basically, if you are making $4,000 a month before taxes, a bank will try to make sure that your total payments (student loans, car, and house payments) does not exceed 35% of your pre-tax income. So if your total payments of long term debt would exceed about $1,400, chances are that you will get turned down. Also, a lot of banks are requiring 75% loan to value on properties. So unless you have 25% to put on a down payment, or can obtain a virtually unsecured loan for the downpayment,you might be out of luck at the moment.
This is all assuming you have a good credit score of 700+.
March 8th, 2010 at 10:56 pm
I am Joy Anderson i was in need of a loan of $100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John Clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo. com
March 8th, 2010 at 11:20 pm
PETTI MICRO FINANCE INT. (LOAN OFFER AT 5% INTEREST RATE) We offer Loans to individuals, Firms and cooperate bodies at 5% interest rate per annual, The Minimum amount you can borrow is $2,000. 00 US Dollars to Maximum of $10. Million. Please, provide the following:
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