Question

Im a SAHM, my hubby is an engineer and a veteran. My hubby hardly has any debt. I on the other hand have a student loan debt. We are looking to build our home in August. The loan officer advised us to make sure we are paying on the student loan debt. Has anyone had a problem closing on a home with student loan debt?  

Answer 1

No issues here. We have a bunch between DH and I and were approved no issue.  

Answer 2

No issues for us either but it can be an issue if your debt to income ratio is high. I’m not sure what percentage a lender would need it to be at (or under). If you’re on the loan that debt could count toward that but if you’re not on the loan it shouldn’t.  

Answer 3

VA is no higher than 43% debt to income

Answer 4

We didn’t have issues and I had over 70k in student loans at the time. Our credit ratings were in the upper 700’s at the time. We ended up refinancing a year later when home values jumped here and paid the loans off completely to avoid the ridiculous interest. Not saying that was a good decision, but it was better than 24% interest.  

Answer 5

The only thing we ran into was that we were on a graduated plan with my loan so they take the highest payment amount you will ever have. Mine was like 230 for almost 10 years and eventually went up to almost 500 a month and they used the 500 to factor debt to income ratio.  

Answer 6

No issues. I closed on one with it

Answer 7

There are literally hundreds of thousands of people with student loan debt that have bought a house. You’re good!