skinny Posted October 18, 2007 Report Share Posted October 18, 2007 I have been very successful with improving my credit score (FAKOS) from a median score of 523 to now 600. I wanted to purchase a house in 18 months However, I am returning to school and may take out 65K in student loans. How much of a barrier will this present when I try to secure a mortgage? Can it potentially sideline the progress I already have made with my score?Is it REALLY seen as good debt? Link to comment Share on other sites More sharing options...
CleverCynic Posted October 18, 2007 Report Share Posted October 18, 2007 The bigger question is how will returning to school affect your income? Do you plan to do both full time? Link to comment Share on other sites More sharing options...
LVMortgageMom Posted October 18, 2007 Report Share Posted October 18, 2007 Depending on the type of loan that you apply for they may not have to be counted against you. Since you will be in school., your loans will probably be deferred until you finish. However, you would have to show that they will be deffered for at least 3 years in order for them to be excluded from you DTI. Clever is right though, once you return to school what will happen to income? That could prove to be your 1st obsticle. Link to comment Share on other sites More sharing options...
CleverCynic Posted October 18, 2007 Report Share Posted October 18, 2007 Actually that was helpful... my loans are deferred for another roughly 3 years. So that would keep it out of my DTI? That was one of my concerns, because I'm going to owe over 200k when it all starts coming payable. Link to comment Share on other sites More sharing options...
skinny Posted October 18, 2007 Author Report Share Posted October 18, 2007 I am going to do both full time, My job is behind my return, so my salary will not be affected. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 18, 2007 Report Share Posted October 18, 2007 Seems to me the last thing I would do is buy a house. Link to comment Share on other sites More sharing options...
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