Posted on: 08th Apr, 2010 08:36 am
I have student loans that are $1300.00 per month and a car payment of $350.00 per month. I have qualified for a FHA loan but due to the student loans, I can only get approved for 150K. In my area, taxes are high and prices are high. I really need to get approval for a loan up to about 190K, in order to buy. Do you think there is a loan out there for me? My FICO is 630. I am married but my husband has some issues with his credit so we cannot use him on the loan. Any info would be great! Thank you.
mspwdc, if you're talking about qualifying for an fha loan, which would appear to be your best bet due to score, then you can entertain the possibility of a cosigner (family member with sufficient income and minimal debt to improve your debt ratios).
of course, $1300 is a ton of money to pay on student loans, so you might want to consider a refinance of that debt to reduce the contractual payment. that would probably be a better idea than to obtain a cosigner, in fact.
of course, $1300 is a ton of money to pay on student loans, so you might want to consider a refinance of that debt to reduce the contractual payment. that would probably be a better idea than to obtain a cosigner, in fact.
Thank you very much for your response. Unfortunately, I cannot refinance the student loans and we don't have a co-borrower.
Is there anything else out there or am I stuck at the pre-qual for 150K?
Is there anything else out there or am I stuck at the pre-qual for 150K?
i think that most lenders try to maximize when they prequalify borrowers - i always did (with caution to my clients). i suspect you're stuck with the $150K, yes.