Posted on: 09th Aug, 2012 12:40 pm
Hello! My parents have offered me money to help with a down payment on a house. But now my question is, will I even be eligible for a home loan when I have $66,000 left to pay on student loans? My income is $43,000/yr, I have no other debt, and excellent credit (I think...). Right now I am paying $512/month on rent and am tired of throwing my money away! Any thoughts?
hello cj,
the easiest way for a homeowner to consolidate their debts is to consolidate all non-mortgage debt in a first mortgage. you can do a cash-out refinance and consolidate all of your non-mortgage debt. you leave your second mortgage as is if you have one or better yet you won't need to take one out.
:idea:
the easiest way for a homeowner to consolidate their debts is to consolidate all non-mortgage debt in a first mortgage. you can do a cash-out refinance and consolidate all of your non-mortgage debt. you leave your second mortgage as is if you have one or better yet you won't need to take one out.
:idea:
Welcome cjodrd,
You should contact the local lenders and apply for a mortgage. You can go for the no obligation free consultation with them and check out whether or not you will qualify for a loan.
You should contact the local lenders and apply for a mortgage. You can go for the no obligation free consultation with them and check out whether or not you will qualify for a loan.
Since you have good credit and can arrange the down payment, chances are there that you may be eligible for a mortgage loan.
Are you making payments on the student loans or are they in deferment? If you are making payments (or are supposed to be making payments) then they factor into your debt to income ratio. If you would like to discuss more feel free to contact us. We would be happy to answer yuor questions.