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Answers (3)
- Rachel G Dunham, "rachelgdunham"
- Contributions:6
FHA, does have debt-to-income restrictions as do most loans. If the loans are in repayment and current, they will be counted. Unfortunately for you, with an FHA loan, your debts also have to be counted against the debt ratio if you are married.. Since your wife has a nice income, why not use a Conventional loan? That way your income and debts will not be counted. You can get a conventional loan with as little as 5% down if the credit scores are above 680
You did not mention what the total debts are so its difficult to answer if a lender will give you a loan. There are several other components that go into finalizing a decision. Credit, employment, and of course income. .
You did not mention what the total debts are so its difficult to answer if a lender will give you a loan. There are several other components that go into finalizing a decision. Credit, employment, and of course income. .
- Tom Burris, "DallasLoanGuy"
- Contributions:46
Oh.... FYI
The monthly MIP reduction at 5% = .05%
That is $8 per month less payment on a $200,000 loan
The monthly MIP reduction at 5% = .05%
That is $8 per month less payment on a $200,000 loan
- Tom Burris, "DallasLoanGuy"
- Contributions:46
No way you will get a loan with the student loans in default.
You need to contact the lender and get the loans 'rehabilitated' or otherwise reinstated.
Give me a call if I can explain that process to you.
You need to contact the lender and get the loans 'rehabilitated' or otherwise reinstated.
Give me a call if I can explain that process to you.
Is there an FHA debt-to-income restriction, specifically regarding student loans?
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