Does student loan count against mortgage loan qualification

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Post Posted: Tue Jul 13, 2010 3:50 pm    Post subject: Does student loan count against mortgage loan qualification

I have a question.
If I am having a problem qualifying for mortgage due to my high debt to income ratio (about 50%), would including my wife on the loan who has no income yet and a sizable student loan debt in forbearance help since she will be starting her career in 6 months or so and will have very good income then?

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Post Posted: Tue Jul 13, 2010 5:59 pm    Post subject:

50% can still qualify for FHA financing, and if you are putting 20% down then also with conventional financing if your lender offers Freddie Mac loan programs.

In order for your wife to help out with the debt to income ratio she would need to either be employed or have a signed non-revocable employment contract stating all conditions of employment have been satisfied, with the employment start date within 60 days of the mortgage closing.

Shane Milne
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