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How likely is to get a home loan from a bank when having over $60,000 out in school loans?
Question : How likely is to get a home loan from a bank when having over ,000 out in school loans?
I graduated from college last year and am wanting to buy/build a house. I am curious about how likely it is to get approved for home loans when I have around $ 60,000 in debt from school. Is this even an option for me right now?
home loans
Best answer:
Answer by pink elephants
depends on your credit score and your debit to income ratio. I would seek a pre-approval letter for financing thru your current bank – before seeking out a property to purchase. that way you know if you are qualified and your price range.
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#2 written by Joy 1 year ago
I am Joy Anderson i was in need of a loan of $ 100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John Clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com
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#3 written by B&C All Day 1 year ago
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 put on a down payment, or can obtain a virtually unsecured loan for the downpayment,you might be out of luck at the moment.
This is all assuming you have a good credit score of 700+.
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