Student Loan Debt Have You Receiving A Decline From Your Mortgage Lender?
Good day good people
. You were told to go and seek a higher education once you graduated high school. You took on student loans due to they were being offered and seemed to be the best route. You finally graduated after 2 to 4 years and now you are advancing in your career and in life.
Home Ownership comes across your mind and you decide to apply and see what options may be available to a First Time Homebuyer. The lender runs your credit and informs you that you have too many student loans showing on your report and your debt to income ratio is too high.
You now feel that all hope is lost.
FRET NOT, I HAVE SOLUTIONS!!!!!!!
1.You will need to contact your student loan servicers and speak to a represenative and ask for an Income Driven Repayment Plan / Income Based Repayment Plan
2. Inquire about student loan consolidation. .
3. Inquire to see if you qualify for an interest rate reduction. .
Once you have an established income payment plan (6 months), ensure that you have a FICO SCORE of 680 and above .
You will need to seek Conventional Financing for your loan option due to the income driven repayment amount reflecting on your credit will be the amount lenders use to qualify you and determine your debt to income ratios.