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Student loans and buying a house
Posted on 11/12/14 at 3:38 pm
Posted on 11/12/14 at 3:38 pm
First question is how do student loans affect being approved for a loan? Is it better to have higher income than a lower income to debt ration?
My fiance has 100K in student loans, and she makes about 75k a year. i on the other hand have 0 in debit except for current mortgage and make more than that. I was pre approved for 400k loan on the house we live in now. Would we be better off buying another home before we are married so i can avoid having that be taken into account on my income to debt ratio.
My fiance has 100K in student loans, and she makes about 75k a year. i on the other hand have 0 in debit except for current mortgage and make more than that. I was pre approved for 400k loan on the house we live in now. Would we be better off buying another home before we are married so i can avoid having that be taken into account on my income to debt ratio.
3
Posted on 11/12/14 at 3:50 pm to LSUTigerBait07
quote:
First question is how do student loans affect being approved for a loan? Is it better to have higher income than a lower income to debt ration?
My fiance has 100K in student loans, and she makes about 75k a year. i on the other hand have 0 in debit except for current mortgage and make more than that. I was pre approved for 400k loan on the house we live in now. Would we be better off buying another home before we are married so i can avoid having that be taken into account on my income to debt ratio.
No
Posted on 11/12/14 at 3:58 pm to LSUTigerBait07
It's not the amount of the student loan balances that matter as much as it is the monthly payment.
Is your front and back end ratio's better by yourself, or if you include your fiance's income and debts?
Plus, how are your credit scores? Significantly different?
Is your front and back end ratio's better by yourself, or if you include your fiance's income and debts?
Plus, how are your credit scores? Significantly different?
Posted on 11/12/14 at 4:02 pm to LSUFanHouston
Ratio are better alone in reality but the bank will see me carrying the entire payment alone, when in reality she pays a portion. So together its better.
Credit scores is 735 and hers is 758
Credit scores is 735 and hers is 758
Posted on 11/12/14 at 7:28 pm to LSUTigerBait07
I'm in a similar situation - just finished expensive grad school and looking to buy a house next year. It's all about the 43% ratio that counts all of your debt. In order to completely offset your student loans, you would have to get a raise in monthly income 2.3x higher than your monthly student loan payment.
The two pieces of advice I will give you are:
1. Set your student loan payments as low as possible before the mortgage and refinance later.
2. Do not buy a car or take out another large loan if you can possibly help it.
The two pieces of advice I will give you are:
1. Set your student loan payments as low as possible before the mortgage and refinance later.
2. Do not buy a car or take out another large loan if you can possibly help it.
Posted on 11/12/14 at 8:15 pm to LSUTigerBait07
Both houses I've been approved for were by myself. Wife had similar student loans (but didn't make that much 
). I can keep my debt to income ratio under 30% without her having an income so there's no reason to over extend her debt ratio. If I'm not mistaken (could easily be mistaken), if she would be on the mortgage, the debt would show up no differently than if she owned it alone. With her salary, that would over extend her and affect her score. No need to do that while I can cover it alone.
). I can keep my debt to income ratio under 30% without her having an income so there's no reason to over extend her debt ratio. If I'm not mistaken (could easily be mistaken), if she would be on the mortgage, the debt would show up no differently than if she owned it alone. With her salary, that would over extend her and affect her score. No need to do that while I can cover it alone. 
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