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@nhlbluesgirl wrote:
I decided to go back to school a few years ago, not realizing how the student loans were going to affect me. I currently have about $41,000 in student loans. They are in deferment because I am still taking classes. My hope is to be able to close on a condo by the end of July, so no other student loans would hit my credit. I considered taking next semester (fall 2018) off so I can make my loans come out of deferment after this semester is up. My thinking was that I could set up an income based repayment plan that would be Lower than the 1% that they figure when calculating DTI. However, since I’m planning to start looking next month, I don’t know if that would work. Is it possible to set up a payment arrangement now, even though this semester isn’t over yet? Any other suggestions? I wasn’t sure if I should post this here or in the student loan forum.
Then you can only go conventional. With your scores that you posted, you MUST go FHA otherwise PMI will be sky high.
@nhlbluesgirl wrote:
I decided to go back to school a few years ago, not realizing how the student loans were going to affect me. I currently have about $41,000 in student loans. They are in deferment because I am still taking classes. My hope is to be able to close on a condo by the end of July, so no other student loans would hit my credit. I considered taking next semester (fall 2018) off so I can make my loans come out of deferment after this semester is up. My thinking was that I could set up an income based repayment plan that would be Lower than the 1% that they figure when calculating DTI. However, since I’m planning to start looking next month, I don’t know if that would work. Is it possible to set up a payment arrangement now, even though this semester isn’t over yet? Any other suggestions? I wasn’t sure if I should post this here or in the student loan forum.
Hi nhlbluesgirl,
Like Kc said, you'll need to go conventional which means you need to get your scores up. Depending on where you want to buy & how much you make, you may be eligible for a conventional loan that only requires a 3% down payment & has lower PMI & rate hits.
The down side with the conventional options is that your debt to income ratios will be limited so the best course of action for you right now is to have a lender look over your scenario to determine what your options are.
Please feel free to PM for help or more information.