Think You Can’t Qualify for Mortgage With Student Debt?
So one of the biggest misconceptions we deal with is some of our highly educated clients that have taken 100, 200, $300,000 in student loans.
Need a Second Opinion? Click Here for Help!
They think that they just got too much to even qualify for a 2, 3 $400,000 home - that's just not the case.
So there's a few important items to remember with student loans. Especially in today's environment, we have a lot of clients that have taken advantage of the deferment for student loans which means you're not making any payments at all; and they might not currently be in one of the income-based repayment options.
So we'll either direct you to a company that we highly trust called Lone Sets. They'll help you determine which income-based repayment is the best option for you.
Or if you still are on deferment, we can go with either a half a percent or 1% of the balance to qualify. Most of the lenders are calling today, they're gonna tell you 1%.
I got to use 1% of the balance you owe $50,000 that's $500 a month. But if they really know how to look through all the rules, you'll find that there's a couple of loopholes and unfortunately a lot of lenders are not telling our clients that today.
If you work with the right mortgage professional that knows how to structure and help get you to the right payment, you'll be able to get the house you dream of. Don't let student loans scare you away from trying to buy the house of your dreams.
If you have any questions, please call us seven days a week. If you're watching this on Youtube, please subscribe. We look forward to helping you and answer any questions you may have.
Ask Your Mortgage Questions Here
Recent Videos
Jason Pitarra
Hi, I'm a mortgage expert living in Texas. Do you have mortgage questions? How can I help? View Profile
Jason Pitarra NMLS # 130984 Branch Manager 9390 Research Blvd., Suite 305 Austin, TX 78759 (361) 651-5008 jason.pitarra@findmywayhome.com
Expert Network Questions, Comments or Feedback: support@findmywayhome.com Copyright ©2020 CrossCountry Mortgage. NMLS# 130984. 9390 Research Blvd., Suite 305, Austin, TX 78759 (361) 651-5008. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.