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Does Student loans impact getting a mortgage

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carib
Member

Does Student loans impact getting a mortgage

Ok i question , I have a really high student loan debt($50,000) went in default once caused it to get this high.
 
But i recently rebuilt my credit scores now they are all in the upper 700"s EX 750, TU 787, EQ 778
 
What impact will my student loan play into getting a mortgage for a condo in washington dc.
Message 1 of 4
3 REPLIES 3
brownee
Frequent Contributor

Re: Does Student loans impact getting a mortgage

Is your loan out of default now and being paid on time? How long has it been since you've had lates on it? It also might affect your DTI depending on how much you make versus how much you pay per month in student loan payments.
7/7/09 TU: 630 EQ: 638 EX: ??
4/3/09 TU: 599 EQ: 606 EX: ??
Message 2 of 4
carib
Member

Re: Does Student loans impact getting a mortgage

Is your loan out of default now and being paid on time? How long has it been since you've had lates on it? It also might affect your DTI depending on how much you make versus how much you pay per month in student loan payments

Yes im outta default and no lates , that how my scores jumped so high. Im in deferment so i only make a mim student loan payment each month. will that effect me getting a loan?

thanks

Message 3 of 4
brownee
Frequent Contributor

Re: Does Student loans impact getting a mortgage

Per Shane in another post (I didn't want to post inaccurate info):
 
With FHA, your student loans need to be deferred for 12 months from the closing date in order to be excluded from your DTI.  With conventional, they are always included in the DTI.
 
 
7/7/09 TU: 630 EQ: 638 EX: ??
4/3/09 TU: 599 EQ: 606 EX: ??
Message 4 of 4
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