School loan affect me getting a mortgage loan?
Hello! My name is Ashley and my fiance and I are looking to buy our first home. We are going to go with the foreclosure route. It’s a $ 30,000 home, I figured we could probably get it paid off in less than 7 years because right now we pay $ 550.00 rent and our mortgage payment including property taxes and insurance would only be $ 235.00 a month. My FICO score is good (I think) 680 last time I looked at it which was this past summer. However, I am currently in school and I do have school loans that are deferred right now because of my in school status. However, I do plan on being in school for about another 3.5 years (or longer) plus the 6 month grace period…so we are looking at another 4 years before I have to pay any loans. I didn’t know if this would affect me getting a loan. I will be the main borrower because of my credit score, however, my fiance makes roughly $ 2,800.00 per month net and his mother is also living with us who gives us roughly $ 400.00 a month too. Do they take these kind of things into consideration? Can anyone help me?! I do not want to get my hopes up about getting a home especially if I am going to be denied due to school loans I will not have to pay for another 4 years…I will be heart broken!!
Well I’m guessing that the reason my score is a 680 is because I am only 22 years of age. IDK what the average is for 20 year olds are but I’m sure mine is above that. No I do not own any credit cards and haven’t ever. The only thing I have on my credit report is my school loans and my car loan which I have paid on time every month and more than what was required for the past 3 years. One of the reasons it says my credit wasn’t as high is because I do not have a long credit history and because I do not have any recent credit. That’s all. Last time I looked 680 was considered a good score, according to myFICO.com…. It’s a 30,000 dollar home because it’s a foreclosure. They put new windows and plubming in. The water heater is from 2005 but looks like brand new and the furnace is from 2007. It could be because of the location which is near train tracks or because it doesn’t have a big yard, but really no houses in town have big yards. It’s assessed value as of 2009 was 55,000.