VA mortgage in possible with student loans?

[Anonymous]

Hi all,

I have student loans that are coming due (out of deferment) in December, but I would like to purchase a home in February-March 2020.

My payments will be $60/month. 

What can I expect from my scores once the student loan payments start reporting?

Currently, my middle FICO score is 642, but they've been steadily climbing over the past several months.

I do have three paid collections that are several years old (2013 -2015), otherwise no negatives, no late payments.

Utilization is currently 28% with a couple of cards near 45% due to attorney fees and emergency medical. Those will be paid down to <29% by January, so will expect a score improvement.

Income is $62k, same employer for 3-1/2 years.

Car payment $380/month (opened Jan 2019).

Let me know if we need to share more data points.

Thanks 

[CreditInspired]

Hi and congrats on thinking about homeownership.

Your UT is quite high. Please work on getting as many cards to a $0 balance as soon as you can and have a balance of <8.9% on one card. Having low UT and more cards reporting $0 will give your scores a nice boost. Also, get your FICO mortgage score, which may be lower than your middle FICO score. 

[Anonymous]

Thanks,

I'm aware of the utilization which is why I posted it. 

I also posted my fico mortgage middle score.

My question was specifically regarding student loans.

[homeloanexpert]

Hello my fellow Vet,,

Other than what's been already stated about your utilization, you seem to be a perfect candidate for a VA home loan. Just don't  miss any payments leading up to your application date.

Best wishes to you!

[VALoanMaster]

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@Anonymous wrote:

Hi all,

I have student loans that are coming due (out of deferment) in December, but I would like to purchase a home in February-March 2020.

My payments will be $60/month. 

What can I expect from my scores once the student loan payments start reporting?

Currently, my middle FICO score is 642, but they've been steadily climbing over the past several months.

I do have three paid collections that are several years old (2013 -2015), otherwise no negatives, no late payments.

Utilization is currently 28% with a couple of cards near 45% due to attorney fees and emergency medical. Those will be paid down to <29% by January, so will expect a score improvement.

Income is $62k, same employer for 3-1/2 years.

Car payment $380/month (opened Jan 2019).

Let me know if we need to share more data points.

Thanks 

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Hi GeePee,

It's really hard to say how much your scores will improve once you start paying your student loans. One thing I've noticed over the years is when you defer your student loan payments most people end up with a balance that is higher than the original loan limit (utilization) & that hurts your scores. Take a look at your student loans & see if that's the case for you & work on paying down any that are over the original limit as quickly as possible.

[Anonymous]

Thank you, 

I remember reading that as well, so I began making payments early (a couple of months ago). Deferment

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@VALoanMaster wrote:

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@Anonymous wrote:

Hi all,

I have student loans that are coming due (out of deferment) in December, but I would like to purchase a home in February-March 2020.

My payments will be $60/month. 

What can I expect from my scores once the student loan payments start reporting?

Currently, my middle FICO score is 642, but they've been steadily climbing over the past several months.

I do have three paid collections that are several years old (2013 -2015), otherwise no negatives, no late payments.

Utilization is currently 28% with a couple of cards near 45% due to attorney fees and emergency medical. Those will be paid down to <29% by January, so will expect a score improvement.

Income is $62k, same employer for 3-1/2 years.

Car payment $380/month (opened Jan 2019).

Let me know if we need to share more data points.

Thanks 

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Hi GeePee,

It's really hard to say how much your scores will improve once you start paying your student loans. One thing I've noticed over the years is when you defer your student loan payments most people end up with a balance that is higher than the original loan limit (utilization) & that hurts your scores. Take a look at your student loans & see if that's the case for you & work on paying down any that are over the original limit as quickly as possible.

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ends in December, and the utilization will be approximately 95% by then.