student loan debt

Performance Property Real Estate Question

How To Get A Mortgage If You Have Student Loans

Q: Gerald, I want to buy a house but I have big student loans. Is there any hope for me? Dave, New Brunswick, NJ. A: Many homebuyers, especially first time home buyers are not comfortable taking on mortgage debt if they have student loans—for obvious reasons. Luckily for home shoppers with student loans, Fannie Mae recently announced changes to how student loan debt is treated that could make qualifying for a mortgage easier. Now, non-mortgage debts paid by another party for at least 12 months won’t be included in calculating debt-to-income ratio when you try to qualify for a mortgage. For example, if a parent pays on their son or daughter’s student loan, it won’t be counted against the debt-to-income […]

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