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SMertel · Joined: 03 Jul 2008 Posts: 1 1.42 Dollars($)

So I heard there was programs for first time buyer that would allow you to almost consolidate your student loans and you homes mortgage. Is that true? are there even programs that can help you with this or is this a fallacy? I am trying to find a way that I can pay both my student loans and buy a home on a limited income. Can someone help me out with this or is this a lost cause. If geographical location is relevant I am located In brunswick Ohio. I was actually looking at purchasing a foreclosure. is this a smart move?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi SMertel.

Welcome to the forum.

I haven't heard anything like this. May be some lender can tell you whether you can combine the student loan with mortgage. But you can certainly consolidate the student loans. It will help you to save $$$. So you can look for it.

Best of luck,
Larry

Samantha

Hi Smertel,

Welcome to the forum.

I don't think there are mortgage programs first time buyers that would allow them to consolidate student loans. What you can do is, try for consolidating the student loans through debt consolidation programs. credit-wise, it won't hurt you as they say when you pay off debts, it is something positive. By the way, how much is the debt? I don't think it would affect getting a mortgage. So, look out for a debt consolidation community that can help you get rid of debts. I know of one such community - "debtconsolidationcare.com" - the guys there have been helping several people with debt relief options. So, hopefully you too can get some help there. I suggest that you consolidate the debts first and then look out for a mortgage.

Hope this helps...

God bless you.

Samantha

charlesarmbruster · Posted: Tue Jul 08, 2008 10:59 am Post subject:

Certainly, most student loans are deferred for a period. Your current income will need to afford both the mortgage and the student loans, if the deferred period is finished. Once you own the home, assuming its value rises, you may find you can refinance your 1st lien to include your debts.

Normally, student loan payments are not crippling -- I hope yours aren't too steep.

cobylucas · Posted: Tue Jul 08, 2008 7:52 pm Post subject:

There are programs out there like the money merge account which combines your debts and mortgage with an advanced line of credit, but I am not really sure if this would apply to your situation or if you could include student loans in such a consolidation.

You are pretty much stuck with your student loans forever and there is nothing legally you can do to eliminate them. Even in a bankruptcy settlement the student loans cannot be forgiven. It is best to pay them off as quickly as possible and make extra payments if you can.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi cobylucas.

You are right. The student loan cannot be eliminated even in bankruptcy agreement. BTW you seem to be knowledgeable. I have seen your site. This is good Smile

Are you a lender? Why don't you introduce yourself and let the community at http://www.mortgagefit.com/introduce-yourself.html

Best of luck,
Larry

jasonpolito · Posted: Wed Jul 09, 2008 8:12 am Post subject:

Is this a wise decision...I was told to never payoff debt with other debts.

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Can you combine your student loans in with your mortgage