09/14/2022
High balance doesn't disqualify you!!!
You absolutely can get a home loan when you have a high-balance student loan debt. The way we calculate debt-to-income is to take all of your debt payments, add them together, and compare that with your income.
If your student loan payment is $400/month despite you owning $250,000k, then we use the $400, along with any other payments you have.
That said, many people's Federal Student Loan payments have been paused since COVID. If you are not current on your payments then we must take .5% of your total remaining balance of the entire loan. So in this example .5% x $250,000 = $1,250. Which is significantly higher than $400 and will effect your purchasing power.
Aracely Alanis, Senior Loan Officer
📱9093765489
📥 [email protected]
