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I'm looking for advice from anyone that may be familiar with my situation. I'm interested if I can qualify for a mortgage.
I'm currently in year 3 of 4 years of law school (part-time). I will graduate with well over 100k in student loan debt, all elligible for the income-contingent repayment plan, where my monthly loan payments will be capped at roughly 1/12 * 10% of AGI. Because I'm still in school, I have not yet begun making payments on the loan. Also consider that I'm a public employee, so I will be elligible for debt forgiveness after 10 years of IBR payments.
I have good credit, and solid income. I want to qualify for a mortgage and I've managed to save enough for 20% down. But won't any credit check show a massive amount of debt which disqualifies me? How can I convince a lender that my student loan payments will be affordable?
Thanks
If you go FHA, they wont count the payments against your DTI if you show your in deferment for the next 12 months.
I am going conventional and they said it wouldn't be a problem. I have over $100,000 in students loans that are in deferement too.
Kathy,
How did you get your delinquent student loans removed? I'm in the process of trying to do that now with Nelnet and the Dept of Education and I'm not having any luck.