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| *Loan,banking and credit>>>mortgage loan |
Do student loans affect you similarly as other debt when you apply for a mortgage? |
Do student loans affect you similarly as other debt when you apply for a mortgage? If your student loans are currently deferred (not required to make payments) for more than 1 year, it's possible to exclude them from your debt ratios under FHA and VA loan programs. Almost all other loan products will require that they count against you, whether you are currently making payments or not. And they will all affect your credit rating. In fact, student loans can be particularly dangerous after you've consolidated them. Even after consolidation, usually you will still have multiple underlying accounts being reported to the credit bureaus. Miss one consolidated payment, and you could show multiple late payments on your credit report. Ouch. Source(s): 10 years in mortgage banking yes...if you don't pay them on time or not at all, they will show poorly on your credit report. they are an open line of credit just like anything else Fo sho. Usually. If you have bad debts from student loans they will drag your credit score. If you pay them, but they're in someone else's name (like your parents) you don't get credit for them. Yes! A loan is a loan and as long as the money is owed it counts against you as a debt. If you default and don't pay or pay late on the student loan it will show up on your credit report too. Debt is debt. Student loans are typically the more 'common' occurence found on an applicant's credi file but it is still a factor that is reviewed when you apply for a home loan. |
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