High student loans, is it possible to buy a house?
- Basically everything will depend on the requirements and steps to follow in the bank for which you seek to obtain the mortgage.
- They require, among many things, high credit scores, through cards and loans in case they had them.
- Amount of income and financial stability, so they monitor your credit history in detail.
- And last but not least the link or power of response that income will have depending on the debt.
- With this video from the Alonso Rodríguez YouTube channel, you can get your credit repaired with just a few tips.
Debt – Income (DTI)
It unquestionably becomes the most important aspect for the bank, it is the guarantee that it will have to know the mortgage support.
To calculate it, add the total payments of each month of the debt, include the mortgage payment there.
Then divide them by your gross income. This will depend on the lender, some estimate it between 40% or less.
Speaking of loans, if you need a loan of $ 1,000 to $ 10,000 and you don’t have good credit. You can select this link from LendingClub.com to assist you with a loan.
The student loan
Regardless of how much you pay per month for your student loan, perform the following calculation:
- With a balance of $ 109,000 at 10 years with an average interest rate of 6%.
- What corresponds to a monthly payment of $ 1,210.
- Which means that by earning $ 8,083 per month, the monthly payments will be up to $ 3,233, placing it within the criteria of the bank.
- In other words, with payments of $ 1,210, a mortgage payment of up to $ 2,023 is reached including taxes and insurance.
Mortgage application on your own
Obviously this type of request can be made, she will be based only on her credit and income.
In this case, the debt-to-income ratio has a lower scale for the maximum payment of the house they will approve.
Including mortgage payment, taxes and insurance. Understanding between 28 or 30% of gross monthly income.
Which means that if your income is $ 5,417, you get a mortgage payment of up to $ 1,517 using the 28 percent rule.