Student loans can make it more difficult to qualify for a mortgage because lenders look carefully at your monthly debt obligations when deciding if you can afford home-loan payments. Lenders typically want your total monthly debts, including your new mortgage payment, to equal no more than 43 percent of your gross monthly income.
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Student. mortgage, home equity loan, home equity line of credit or car loan, and a mobile phone with your name on the account. You might also want to so check with your school’s financial aid.
Roughly 20% of student-loan borrowers said they won’t be able to make their next payment and another 44% report it could be a challenge. That’s according to results of a survey released Thursday by.
Many college graduates hoping to buy a home wonder how to get a mortgage while saddled with student loan debt. Is it even possible to take on more monthly bills when you’re already haunted by.
First-time and move-up homebuyers with heavy debt loads, low. monthly personal debts – for credit cards, auto loans, student loans. John Porter, vice president of Mortgage Master Service Corp. in. Joe Metzler, a loan officer at Mortgages Unlimited in St. Paul, Minn., welcomes the stricter standards.
What is more clear — the ways the results could impact student-loan borrowers. As the number of borrowers with student loans and the level of debt has increased over the. lawmakers use their.
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