Can they denied you a home loan if you already have a student loan?
Home Mortgage
jaydra asked:
Im trying to purchase a home but already have a student loan?
My loan is deferred, Means i dont have to pay for it because im still going to school.
Julio
Im trying to purchase a home but already have a student loan?
My loan is deferred, Means i dont have to pay for it because im still going to school.
Julio
March 20th, 2009 at 4:58 pm
Lydia
It depends upon your gross monthly income compared to your total monthly payments on debt.
If your student loan payment were really high in comparison to your monthly income, then yes, this could mean you do not have enough room for a mortgage.
They would disqualify you under debt to income ratio being too high. Again, it all depends on how much your monthly payments are in relation to your income.
March 21st, 2009 at 9:42 am
Wanda
sure they can.they can denied a loan for a lot of reasons
March 21st, 2009 at 11:02 pm
Eddie
no. denial for loan is low score, no score, bad credit lines, no creit lines, default on current credit lines, not enough income too much debt, no income, no job, etc.
March 23rd, 2009 at 8:09 am
Adam
Yes they can deny you because of a student loan. If the student loan has a high balance and a high monthly payment this affects your DTI (debt to income ratio).
There are other ways around it your mortgage company needs to know how to structure your loan properly. You should ask to see if there is anything they can do to fix this problem.
March 23rd, 2009 at 7:48 pm
Jonathan
Yes. Although there is typically many factors that weigh into the decision, a student loan could push your debt to income out of the realm that a lender will give you a mortgage.
March 24th, 2009 at 10:52 pm
Lisa
Hello,
In regards to your question i would advice you to visit Clarkson Micro Finance Incorporated.
Three months ago when i had a bad credit a friend of mine introduced me to them, Inspite of my bad credit they were able to lend me a loan of 25,000, British pounds within the space of two days of which i used to revive my business, I think you too can do the same as well.
You can reach them via
Sincerely,
Victoria Dingley,
From Newcastle, England.