Student Loans

Do Student Loans Affect Your Credit – How Student Loans Affect Qualifying For A Mortgage?


Do Student Loans Affect Your Credit – 6 Tips

How do student loans affect qualifying for a mortgage?
70% of college students graduate with a significant amount of loans. Student loans balances are climbing every year and it can greatly affect these borrowers when they try to get approved for a mortgage. Tom and Eddie address the impact of student loans on mortgage and which loan programs are more ‘student loan’ friendly.
– Conventional loans will allow $0 payment if borrower has income based repayment plan setup. If borrower loans are in deferment, we will need to count 1%.
– FHA and VA require 1% minimum rule. If borrower is in repayment, we need to use the greater of the monthly payment on the credit report or 1%

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  1. Robert Larson
    July 24, 2021 at 10:21 am

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  2. zharkie griev
    July 24, 2021 at 10:21 am

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  3. Crazyrmj
    July 24, 2021 at 10:21 am

    I seen this video late but I have a question. I am 19 fico score of 735 I just took out a student loan of 25k I’m planning to pay it off by next year. For any chance if I can’t pay it, would that affect me getting a home next year? I am planning to get a mortgage right after I graduate since I’m going to have decent income any advice?

  4. MobileFoodBooth
    July 24, 2021 at 10:21 am

    Hey Guy’s great info! What if the loans are not reporting on your credit and are in collections?