Mortgage and Student Loan

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atlantaguy95

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Post Posted: Tue Jul 29, 2008 8:06 pm    Post subject: Mortgage and Student Loan
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Does having a student loan in forbearance affect the ability to get a mortgage loan? I have been pre-qualified for a mortgage loan, but my student loans are in forbearance. I plan to return to school in the Fall for a graduate degree so that will put them in deferment. The reason for the forbearance is that I dont want to consolidate them yet; want to wait on that until I am completely finished with school. So I want to pay interest until the deferrment kicks in. Any advice??
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Wed Jul 30, 2008 12:34 am    Post subject:
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Hi atlantaguy.

Welcome to the forum.

Student loan in forbearance will affect your credit report and consequently affect on qualifying for the mortgage. I think you should complete your schooling first before going for a mortgage. If you start your schooling again in the Fall for a graduate degree, can you then pay the mortgage payments? BTW How good is your credit and how much do you earn now?

Best of luck,
Larry
atlantaguy95

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Post Posted: Wed Jul 30, 2008 7:49 am    Post subject: mortgage
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Thanks Larry.

I can manage the mortgage payments, that's not an issue. I have been pre-qual. for an FHA Loan with a good int. rate. My spouse and I will be buying the house and our combined incomes are $130K/yr.
Icon Mini Profile Caron
Caron
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Post Posted: Thu Jul 31, 2008 4:26 am    Post subject: RE: student loan forbearance affect mortgage
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Hi Atlantaguy,

Student loan forbearance may or may not affect your chances of getting an FHA insured mortgage. We've had a discussion on the same topic earlier on. Please have a look at the discussion on whether student loan forbearance is seen as negative for mortgage .

I think you should have a straight talk with the lender and explain what exactly you want to do with the student loans - just the way you've done it here.

Good luck

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