The impact your student loan debt will have on your chances of getting a home mortgage loan has changed greatly over the years. It used to be that whatever student loan debt you had didn’t necessarily harm your chances of getting a loan, especially if you’ve deferred your loans for a few years. These days, things are very different.
These days, whether you’ve deferred your loans or not, your student loan debt will undoubtedly have to be factored into your debt-to-income ratio and therefore can be a make-or-break factor in whether you get approved for a mortgage or not. The actual amount of your student loan debt that will be factored in to your debt-to-income ratio ultimately depends on the mortgage product. See below:
To learn more about specific mortgage requirements, be sure to speak with an experience mortgage broker.