Hi!
My husband and I are about to pull the trigger and apply for our first mortgage within the next few weeks, but I'm worried about how my student loans will affect how much we will be approved for. Would it be better for me to get into a repayment plan right now, or will they still calculate using the 1%. If getting into a payment plan right now is the better option, which one?
He has about 10k in loans, that is all ready being paid back at $180/mo.
I have 110k thats in deferment. I graduate this May.
We have two credit cards with $4k limits, less than 10% usage total. 1 car payment of $400. No other loans or debts...
Together we make about 115k, annually before taxes. We are both teachers but make too much to qualify for the down payment assistance program. Our credit scores are all between 700 - 720, so I'm confident that we'll be approved, i'm just concerned with the approval amount.
We have a meeting with NACA in 2 weeks, to look into their $0down, no pmi mortgage.
We are also Navy Federal Credit Union members and will be looking into their zero down mortgage, (I know about the interest rate, lol). We have some savings, but I realllllly don't want to use them for a down payment but I'm fine with kicking in 5k or so towards closing if needed. Ideally, we'd like to be approved for $330,000. Any and all advice is greatly appreciated. I'm so excited to be applying, but I'm going to be bummed if they approve us for less than $275k.
