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I am in the process of trying to get a mortgage loan. My credit score is currently Eq - 668 Trans - 689 and Exp - 662 (this is a old score) from Myfico. I am in the process of getting pre-approved, but the mortgage company tells me that I need to show how much my student loans are a month. I am also paying my car off this month.
My yearly income is 37,000
When my car is paid off I will have Two credit cards - total = 4,000
and my student loans which equals to about $57,000
They told me if I could defer or foreb my loans for three years they would not include them.
I also thought about going 30 years with the student loans for a lower monthly payment.
Do mortgage companies just look at what I spend monthly or do they look at the entire amount??
Any advice would be appreciated....
Everything else is fine...
Thanks for the reply...
I have one more question, I have less than 10 months on my car loan... The mortgage company is telling me to go ahead and pay off my car.. But I really want to save that money to put down on my house.. I didn't tell them I have only 8 months left on the car.. So my question is - Is it really true if you have less than 10 months on your auto loan, the mortgage company don't have to include it (for FHA loan)???
Thanks for all the Help!!