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How do student loans affect a mortgage applicaton?
I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate and loan amount?
Related Post:
- Consolidate my Student loan payments?
- What is the Best Student Loan Consolidation and possible incentives to sign up?
- What happens to the status of student loans if I transfer undergraduate schools?
- Can student loans prevent you from leaving the US?
- What does it mean when my student loans have a zero balance due to a claim?
- Whats the best way to take over student loan payments from parents?
- How can I use my CC to make student loan payments?
- How do I consolidate student loans from different lenders?
- How do student loans work? Once I start paying them back, do I have to pay back consistently?
- What factors do lenders consider when applying for a home loan?
This entry was posted on October 18, 2009, 6:27 pm and is filed under Student Loans. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.
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What is the Best Student Loan Consolidation and possible incentives to sign up?
April 28, 2010 - 10:35 pm
Posted in Student Loans | 1 Comment
I have a series of student loans – a few from Direct Loan Servicing Center, Nelnet and Sallie Mae. How can I get these consolidated with the best rate and are there any cash back perks or other incentives for consolidating these loans?
Related Post:Student Loan Payment Question Now That I’m a Stay at Home Mom?What [...]
What happens to the status of student loans if I transfer undergraduate schools?
December 30, 2009 - 6:17 pm
Posted in Student Loans | 1 Comment
I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven’t just stopped going to school (and thus cause [...]
Can student loans prevent you from leaving the US?
December 23, 2009 - 12:25 am
Posted in Student Loans | 4 Comments
If I am a US citizen with student loans (about 13k) will I be allowed to leave the States?
I am planning on moving to another country for a period of time in order to get married to my fiancee. However, I intend to return to the States and pay the loans in any case.
Related Post:What [...]
What does it mean when my student loans have a zero balance due to a claim?
November 24, 2009 - 9:40 am
Posted in Student Loans | 2 Comments
My student loans are through NelNet and I received a letter from NelNet instructing me to stop making payments. The reason they give is that my student loan account has been paid by a claim and now has a zero balance. I have had student loans since 1995; but I also have filed [...]
Whats the best way to take over student loan payments from parents?
October 27, 2009 - 12:02 am
Posted in Student Loans | 4 Comments
When I attended college my student loans were put in my fathers name.
Now that I have graduated, I would like to take over the payments.
The loan company (Nelnet) won’t let us and say we have to either make payments to my parents or get a personal loan to cover it.
My husband and I are [...]
How can I use my CC to make student loan payments?
October 26, 2009 - 3:07 pm
Posted in Student Loans | No Comments
They say it would be like accruing debt to pay off debt. But how come I can use my CC to pay off auto loans, or mortgage? I wish I could use my CC to get cash back or miles while paying off my student loans
I have the money to make the payments cash, but [...]
How do I consolidate student loans from different lenders?
October 12, 2009 - 4:22 pm
Posted in Student Loans | 2 Comments
I have three loans from three different lenders. Who would buy up all three of my loans and give me a decent interest rate? I have good credit.
Related Post:Can someone tell me how collateral loans work or secured loans?Is there a way I can take out student loans and pay my car loan [...]
How do student loans work? Once I start paying them back, do I have to pay back consistently?
October 8, 2009 - 10:29 am
Posted in Student Loans | 2 Comments
Like if I have $1000 now gathered from working as a student for 2 years, can I use that to pay some of the loan back? Or, is it that once I start paying back loans, I can’t stop, and I must consistently pay them back every month?
Also, do student loans have minimum sums [...]
What factors do lenders consider when applying for a home loan?
October 2, 2009 - 10:39 am
Posted in Home Loans | 1 Comment
My boyfriend and I are applying for a home loan. The loan officer wants to use both of our credit and financial info for the application. I have both the better credit and longer employment history, but need my boyfriend’s additional income to qualify for the amount we need to purchase a home. [...]
What specialist can help me plan to take a student loan?
September 26, 2009 - 7:58 pm
Posted in Student Loans | 2 Comments
Are there people that specialize in preparing, organizing, and knowing exactly what, how much, everything for a student loan. Some one like a financail adviser except for student loans?
Related Post:Does anyone know the penalties of defaulting on a student loan?Is it illegal to use a student loan (stafford loan) to make a down payment on [...]
October 21, 2009 - 4:47 pm
it’s the loan…they do not care who you owe it to
October 23, 2009 - 9:40 pm
Your best answers will come from a mortgage lender or a loan officer at a bank. It will really depend on many factors that may be regional or temporal.
October 25, 2009 - 12:11 am
Yes, it is viewed differently than, say, credit card debt. They look to see if the loans are in good standing and what your monthly payments are.
October 25, 2009 - 9:49 am
With 20 years experience in the mortgage business, I have never seen a student loan that was in repayment treated any differently than any other long term debt. While you may be able to ask for a hardship deferal in the future, which is the only advantage on a student loan that doesn’t exist on a standard installment loan, no lender wants to anticipate that circumstance. As long as the payments extend past 10 months in the future, the lender will only use your monthly payment as part of your qualifying ratios. The total debt is not that important and would only be a minor factor. What will matter more is your payment history on the student loan: it should be perfect. It all comes down to the quality of your credit history (your FICO score) and your qualifying ratios of debt/income.
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