Loan Options, if any

[ls2016]

Middle mortgage score: 680
(30 & 60 day lates 2.6 years ago)
Annual Income: $56,988
Student Loans: $110,000-IBR plan $0
Car payment: $536. no other debts
Savings: $5000
Just sold home, downsizing. Staying with family. Able to save $1500 monthly towards new home.
Willing to sell car if need be.
Looking at homes around $180k-$210k range within the next year.
Do you think I will qualify for a new mortgage loan, considering amount of student loans and car payment? Explain please.

[homeloanexpert]

Based on your scenario it would appear you should be able qualify for a homeloan, but that will come with a caveat. Since you have not indicated that you are a Veteran, Conventional will be the way to go. When I pull the credit, I can't see a $0 payment, or I'll have to hit you with a 1% payment. So you would need to contact your SL servicer and find out if you can enter into a minimum payment option i.e. $25.00 or some small amount. As long as your credit report shows a payment we go with that. Your down payment is limited, but there are DPA's available that do not require you to be a first time buyer or you can save a little more money. To know exactly what you will qualify for, your loan application would need to run through the AUS (automated underwriting system) to see how far the ratios can be pushed. Let me know if you have any further questions for me.

Best wishes to you

Best wishes to you.

[ls2016]

Thanks for your response. No, I have no military affiliation. I did allow one lender to run the application. I'm awaiting feedback. The DTI on the application calculated DTI @ 64.44% (ouch), including 1% of student loan balance and some paid off credit cards that haven't updated as of yet. Lender believes she may be able to get it approved, so I'm waiting to hear back. I won't worry myself or the lender much as there is no rush. I will focus on a savings plan for the down payment and closing cost.