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?
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 ………..
$150,000 in student loans. Will I ever be able to get a mortgage loan?
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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 ………..
References :
Fat chance……….
Too many debts…..your score would be very low
References :
Yes. It is easier than you think to get a home loan to buy a house.
References :
http://www.first-time-homebuyers-loans.com
Hello –
Yes you have a chance of getting a home loan. May I make a suggestion, why not begin to put in place a financial strategy using what would be your largest financial asset, a new home purchase.
I’m supplying you a link to what is called a Velocity of Money calculator. This will allow you to calculate for yourself, how your new home will allow you to begin to payoff your student loans, via appreciation and tax write offs.
Here is that link –
http://www.mortgagemarketguide.com/membersonly/member.html?handler=new_resources_velocityofmoney_purchase&loc=__resources&SID=38307099460263ce79d0857cc6d7c3b2
In regards to some basic information on home loans and how to qualify, please visit this FREE website – http://www.freemortgageinformationsoutherncalifornia.com
If you have any further questions, please feel free to shoot mean email.
Best Regards,
Darren Meade
References :
Darren Meade can be contacted at (866) 676-4325 to discuss local and nationwide real estate markets, the “alleged” housing bubble, if it is better to buy vs. rent or the impact of adjustable rate mortgages (ARMS). You can also find this information as well as other mortgage facts versus fiction at http://www.VictoryLenders.net