Posted on: 29th Jul, 2008 08:06 pm
Does having a student loan in forbearance affect the ability to get a mortgage loan? I have been pre-qualified for a mortgage loan, but my student loans are in forbearance. I plan to return to school in the Fall for a graduate degree so that will put them in deferment. The reason for the forbearance is that I dont want to consolidate them yet; want to wait on that until I am completely finished with school. So I want to pay interest until the deferrment kicks in. Any advice??
Hi atlantaguy.
Welcome to the forum.
Student loan in forbearance will affect your credit report and consequently affect on qualifying for the mortgage. I think you should complete your schooling first before going for a mortgage. If you start your schooling again in the Fall for a graduate degree, can you then pay the mortgage payments? BTW How good is your credit and how much do you earn now?
Best of luck,
Larry
Welcome to the forum.
Student loan in forbearance will affect your credit report and consequently affect on qualifying for the mortgage. I think you should complete your schooling first before going for a mortgage. If you start your schooling again in the Fall for a graduate degree, can you then pay the mortgage payments? BTW How good is your credit and how much do you earn now?
Best of luck,
Larry
Thanks Larry.
I can manage the mortgage payments, that's not an issue. I have been pre-qual. for an FHA Loan with a good int. rate. My spouse and I will be buying the house and our combined incomes are $130K/yr.
I can manage the mortgage payments, that's not an issue. I have been pre-qual. for an FHA Loan with a good int. rate. My spouse and I will be buying the house and our combined incomes are $130K/yr.
Hi Atlantaguy,
Student loan forbearance may or may not affect your chances of getting an FHA insured mortgage. We've had a discussion on the same topic earlier on. Please have a look at the discussion on whether student loan forbearance is seen as negative for mortgage .
I think you should have a straight talk with the lender and explain what exactly you want to do with the student loans - just the way you've done it here.
Good luck
Student loan forbearance may or may not affect your chances of getting an FHA insured mortgage. We've had a discussion on the same topic earlier on. Please have a look at the discussion on whether student loan forbearance is seen as negative for mortgage .
I think you should have a straight talk with the lender and explain what exactly you want to do with the student loans - just the way you've done it here.
Good luck