Mortgage and Student Loan

Guest 0.10 Dollars($)

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??

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

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

Guest 0.10 Dollars($)

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.

Caron

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

All times are GMT - 7 Hours

Page 1 of 1