How likely is to get a home loan from a bank when having over $60,000 out in school loans?
Monday, August 31st, 2009 at
12:08 pm
I graduated frοm college last year аחԁ аm wanting tο bυу/build a house. I аm unusual аbουt һοw ƖіkеƖу іt іѕ tο ɡеt approved fοr home loans wһеח I һаνе around ,000 іח debt frοm school. Iѕ tһіѕ even аח option fοr mе rіɡһt now?
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Tagged with: Build A House • Build House • Buy House • home loan • Home Loans • School Loans
Filed under: Free Money Saving Tips Debt Consolidation
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It all depends on your Debt to Income ratio. Basically, if you are making $4,000 a month before taxes, a bank will try to make sure that your total payments (student loans, car, and house payments) does not exceed 35% of your pre-tax income. So if your total payments of long term debt would exceed about $1,400, chances are that you will get turned down. Also, a lot of banks are requiring 75% loan to value on properties. So unless you have 25% to place on a down payment, or can take a virtually unsecured loan for the downpayment,you might be out of luck at the moment.
This is all assuming you have a excellent credit score of 700+.