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?
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 obtain 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+.
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 buy. that way you know if you are qualified and your price range.
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6yrs FL CAM and Real Estate
it all depends on your income and credit. The monthly debts on these will be included in your debt to income ratio
I am a mortgage banker in TN
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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 obtain 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+.
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Commercial Credit Underwriting Intern
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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PETTI MICRO FINANCE INT. (LOAN OFFER AT 5% INTEREST RATE) We offer Loans to individuals, Firms and cooperate bodies at 5% interest rate per annual, The Minimum amount you can borrow is $2,000.00 US Dollars to Maximum of $10.Million. Please, provide the following:
1. Name Of Applicant:…….
2. Age:………………….
3. Location:……………..
4. Amount Needed……..
5. Duration:……………..
6. Phone Number………….
7. Fax Number……………
8. Address……………
9. Occupation:……………
10.Country:………………..
11.State:………………………
12.City:………………………
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14.Monthly Payment:
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Contact Email:Email:frank_petti59@yahoo.com Sincerely,
Mr.Petti,
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