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Will student loans help me get a mortgage or not - had two conflicting answers please help!

I've been paying my masters loan off going on 3 years and still have time to go. However, my payments are very reasonable thanks to my field of study. My DTI is at 29%. I'm shopping for realtors and one said she won't even work with me until I can prove a lender will take me with my student loans, even though I've never missed a payment. She says my chances for qualifying are slim JUST based on student loans. Another realtor said that's totally false and lenders will love my responsible payment history and low monthly payments with my student loans. Need the truth straight from the source! Thank you
By user9438980773 from KS Apr 23rd 2014
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by

Payment history of any account that is paid on time is great! She may be concerned about the impact to DTI as the payments can sometimes be hefty. Lenders will accept minimum payment letter. If they are 12 months plus deferred; then they do not need to be factored into dti..at least for a fha mortgage.Lending Nationwide. VA, FHA, USDA, FNMA, FMAC, Reverse, Commercial, SBA, Jumbo. 877 890 3892 / john.bates@cbcnationalbank.com

Apr 23rd 2014

DTI at 29% shouldn't be a problem assuming that includes your student loan payments. Call me if you want a Pre-Approval Letter at no cost or obligation to you. 866-627-2788 -Ben

Apr 23rd 2014

Those ratios would be acceptable to qualify. Please give me a call and I can get you approved and on your way to a new home.

Apr 23rd 2014

I would pick realtor number 2. I should not be a problem. Your best option is to get a pre-qualification letter so the realtors know you will qualify for the home you are looking for. I am located here in Topeka. Feel free to call and set up an appointment or go over in more detail on the phone. I can then get you a pre-qualification letter. You can reach me in Topeka at 273-5004 or email at kdwall@kdwallstreet.com

Apr 23rd 2014

Programs eligible to you at www.todaylending.comOption 1: Convention Loan TRADITIONAL PROGRAM o3% (740 min. Credit Score) or 5% (640 min Credit Score) Minimum down payment.oLower PMI than FHAoSeller can pay up to 3% of purchase price for the buyer's closing costs.oMust have No Bankruptcy or Previous Foreclosure Activity within 7 years.oQuick Close Option 2: USDA Rural Development MOST POPULAR o100% financing available -No Down PaymentoLow PMIoSeller can pay up to 6% of purchase price for the buyer's closing costs.o640 Credit Score Required (Income Caps May Apply)Option 3: Native American Home Loan NO MORTGAGE INSURANCEoLow Down Payment 2.25% with No Monthly PMI. oNO Credit Score Requirement. Only 12 months of reestablished credit required (No Outstanding Collections or Late Payments.oMust be 2 years out of Bankruptcy and 3years from foreclosure.oMust be a member of Federally Recognized Tribe. All documented tribal members are eligible. Option 4: FHA Home Loan MOST FLEXIBLEo3.5% Down Payment Requiredo600 Credit Score RequiredoSeller can pay up to 6% of purchase price for the buyer's closing costs.oMust be 2 years out of Bankruptcy and 3years from foreclosure.Option 5: VA Home Loan SPECIAL FINANCINGo100% financing availableoNO Monthly PMIoSeller can pay up to 6% of purchase price for the buyer's closing costs.o620 Credit Score Requirement

Apr 23rd 2014

As others have said, your DTI should not be a problem at all. The key is to find a lender that will work to understand your entire financial situation and found the best possible loan to match up with that. I would be glad to review your scenario and give you some feedback and direction on path forward. Feel free to give me a call at 316-259-5862, email me at mpurkey@primeres.com or go to www.mykansasmortgage.com/mpurkey and use the Apply Now button.

Apr 23rd 2014

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