Home Buying and Student Loans
CAN Go Hand-in-Hand
Conduct a search on the topic "Home buying with Student Loans" and pages and pages of articles, information, advice, and opinions quickly pop up ...
"Do Student Loans Affect Buying a House?"
"How Student Debt Can Ruin Home Buying Dreams"
"Here's How To Buy A House When You Have
Student Loan Debt"
are each an example of the many such articles I found when I conducted my search today. Each article addresses the very real worry that too many hopeful home buyers face as holders of Student Loan debt.
The focus of many of these articles is often placed on just how overwhelming Student Loans can be financially. They're uber-focused on challenges that can exist.
Many portray a bit of defeatist attitude. And that's sad because as a result after reading them, too many people holding Student Loans assume that they have no route to successful home buying. They don't ask questions or make any inquiries.
And that's not true. Home buying options CAN exist for those holding Student Loans.
Mortgages for home buying and Student Loans CAN go hand-in-hand. The outcome greatly depends on the type of Student Loan held by the loan applicant and what type of mortgage is being pursued when seeking home financing.
Finding the options that exist for Student Loan holders can be likened to creating a new complex recipe in a kitchen. Many ingredients, differing measurements, and cooking options are considered to find the successful outcome hoped for.
Some of the many "ingredients" that must be considered by the loan officer (chef) of a Student Loan-holding mortgage applicant are:
- How is the mortgage applicant's Student Loan reported to the Credit Bureaus?
- Is a deferment in place?
- Are payments currently being made on the Student Loan(s)
- What are the terms of the loan(s)?
- What is the balance of the loan(s)?
- What mortgage program best fits the applicant?
- What "rules and regulations" for underwriting exist if using FHA, VA, Freddie Mac, Fannie Mae?
- Which serves the applicant's interests best?
- More ...
Because there are so many "ingredients" for loan officers to consider while finding an applicant's perfect recipe ... no one should automatically assume that a "recipe" for them successfully buying a home doesn't exist.
And should a path to homeownership not currently exist for you? At a minimum, you're educated, equipped with information and a plan, and can start gathering your "ingredients" for successful home buying in the future.
What I'm really trying to say, accomplish , and impress upon anyone holding Student Loans is this:
Don't automatically assume the negative!
Ask questions!
Ask questions!
Get the FACTS!
Have a conversation with a Loan Officer experienced and knowledgeable in successfully closing mortgages for those that hold Student Loan(s). Don't give up on your dream ...
Here's a video I've put together that
addresses this issue:
Please share it with others that you know that have Student Loans and a dream of home buying.
your questions!
Contact me today if you hope to buy in the New Lenox, Will County, Chicagoland - IL - WI area ...
I'm easily found at:
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI Lic. #216987
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 
815.524.2280
815.524.2280
Cell/Text: 
708.921.6331
708.921.6331
eFax: 815.524.2281
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.
Your Referrals are Greatly Welcomed & Appreciated!
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