homeowners please read

Original post by Soon2BeMrs2006

Apr 27, 2006 07:34 PM

For those who took out mortgages I have a question.

I currently have 18K left for loan repayment. FH is saying that before we can get a mortgage he thinks I have to pay the loan off. I'm fine with this, but of course it will cut into my savings tremendously. I dont have to pay interest on this loan until I'm done with my Masters degree thats why i havent started paying it back as of yet. Is it true that my student loan will have to be paid in full prior to being able to get a mortgage?

Soon2BeMrs2006 Posted: Apr 28, 2006 11:54 AM

Re: homeowners please read

thanks girls

MrsStefan Posted: Apr 28, 2006 11:57 AM

Re: homeowners please read

Not true!! FH and I are in the process of getting a mortgage and we BOTH still have tons of student loans.

MrsR72806 Posted: Apr 28, 2006 12:27 PM

Re: homeowners please read

NOT TRUE at all!!!! I have student loans out my A$$ and we got a mortgage! you will be fine!

angnick Posted: Apr 28, 2006 12:29 PM

Re: homeowners please read

neither of our student loans are paid off, and we are eligible for a mortgage!

JazzyT Posted: Apr 28, 2006 12:30 PM

Re: homeowners please read

Not true at all, i got approved for a mortgage and I still owe on my student loans.

Soon2BeMrs2006 Posted: Apr 28, 2006 12:33 PM

Re: homeowners please read

Thanks. I told FH what all of you said and he said he meant that its wiser to pay them off so its something that will just be out of the way. Hmm what to do.

kittythestray Posted: Apr 28, 2006 12:36 PM

Re: homeowners please read

If your credit is really bad they would want you to pay down outstanding debt to get your credit score up, but if your credit is OK you should be fine.

jenntony Posted: Apr 28, 2006 01:10 PM

Re: homeowners please read

definately not, i had around $10k when we got our mortgage. i don't think it counted against us at all really though

autumn Posted: Apr 28, 2006 01:14 PM

Re: homeowners please read

Thats good to hear, FH and I are looking into purchasing a home before the wedding. I owe over 30,000 in student loans and I have a car loan as well.

dgtlsunshine Posted: Apr 28, 2006 01:30 PM

Re: homeowners please read

I have 25k in student loans and I have two mortgages

So not true at all

MCDO15 Posted: Apr 28, 2006 01:34 PM

Re: homeowners please read

no ture...i have a ton of debt and we easyly got approved for our mortage...its about repayment and 'what' you can repay.

just make sure you take into consideration of payments would be once school is done for you.

majority of people have school loans and is understood. its treated differently then credit cards and others forms of debts

Mdolph6 Posted: Apr 28, 2006 02:29 PM

Re: homeowners please read

Not true. I work for a mortgage company and as long as everything else is good with you (credit, income..) you should be ok.

Beth1210 Posted: Apr 28, 2006 02:40 PM

Re: homeowners please read

it's easier to get a mortgage these days then a car loan

as long as you pay your bills- your get a decent rate

they even give mortgages to people who don't pay there bills- b/c a house is the easiest thing to take back

chander618 Posted: Apr 28, 2006 11:59 PM

Re: homeowners please read

You can get a mortgage without paying them off

lsiliato Posted: May 11, 2006 11:53 AM

Re: homeowners please read

Hi I work for Countrywide Home Loans and if you have any questions regarding mortgages feel free to ask.

You do not have to pay off the student loan before getting a mortgages. The only time they make you pay something off is if the account is in collections.

Let me know if I can help.