Wednesday, August 26th, 2009

How do student loans affect a mortgage applicaton?

student loans
tomiko asked:


I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate and loan amount?

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6 Responses to “How do student loans affect a mortgage applicaton?”

mar c Says:
August 26th, 2009 at 5:31 am

it’s the loan…they do not care who you owe it to

San Diego Art Nut Says:
August 27th, 2009 at 4:09 pm

Your best answers will come from a mortgage lender or a loan officer at a bank. It will really depend on many factors that may be regional or temporal.

jlf Says:
August 30th, 2009 at 12:14 pm

Yes, it is viewed differently than, say, credit card debt. They look to see if the loans are in good standing and what your monthly payments are.

nidia Says:
August 31st, 2009 at 4:33 am

With 20 years experience in the mortgage business, I have never seen a student loan that was in repayment treated any differently than any other long term debt. While you may be able to ask for a hardship deferal in the future, which is the only advantage on a student loan that doesn’t exist on a standard installment loan, no lender wants to anticipate that circumstance. As long as the payments extend past 10 months in the future, the lender will only use your monthly payment as part of your qualifying ratios. The total debt is not that important and would only be a minor factor. What will matter more is your payment history on the student loan: it should be perfect. It all comes down to the quality of your credit history (your FICO score) and your qualifying ratios of debt/income.

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Tina Matthew Says:
September 1st, 2009 at 1:04 pm

I applied and was approved for one of your loans yesterday and I wanted to write and tell you about my experience. My loan agent, Mark M. was amazing! He handled everything very professionally and quickly. He was extremely patient, helpful and very courteous at ALL TIMES. There was NO STRESS or pressure what so ever. He walked us through the whole procedure and made sure we understood each step before moving on to the next one. I ended up having to call him back with a correction and he took care of it immediately. He was just a true joy and I just can’t say enough. I hope you will give him the recognition he so deserves because it has been a very long time since I have had wonderful service like this! This was a totally stress free and wonderful experience! here is there email, Thank you Mark!!

Yours Truly,

T Matthews Sr.

Marian Martin Says:
September 3rd, 2009 at 3:54 am

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