did you have trouble buying a house?

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I'm a pre nursing student but this is a question for practicing nurses so hopefully this won't be moved :-).

The main reason I'm considering attending an ADN program over a BSN program is due to the fact I won't need to take out a student loans for the ADN program or BSN bridge. But I was wondering how much student loans really hinder you in the home buying process. It is very important to me to be able to buy a house for my 2 boys and I want to be able to do it shortly after graduation.

So my question is will about $30,000 in student loans be a real hindrance when applying for a mortgage? We will have little to no other debt and i'd be applying with my husband.

Thank you.

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I had around 50k when I bought my house. It depends on how much the repayments are, not the total amts and it's better than credit card debt

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Specializes in Emergency & Trauma/Adult ICU.

Lots of variables -- debt to income ratio, amount and terms of the mortgage loan, percentage of down payment, overall credit history & FICO score ...

The student loan is only one part of the picture.

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Specializes in Pedi.

What they look at is your monthly payment, not the total amount of debt you have, and that's what they use to calculate your debt to income ratio. Altra is right, it depends on a lot of things and student loans are just one piece of the puzzle. I had significantly more than $30K in student loans when I bought my house 2 1/2 years ago and still have more than that today. Both when I bought my house and when I refinanced I had to make changes to my student loan repayment schedule to bring the monthly payment down in order for the lender to approve my debt:income ratio.

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Specializes in ICU.

I had about $25k when I graduated in May of 11 and was able to easily purchase a house in December of 12 with no hassle from the bank. Surprising since I was 24, but I have zero credit card debt and work a ton of OT. I also investigated a lot of first-time homebuyer programs, and was able to get my state to cover the down payment on my house!

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I had no problem buying my home a little over 7 years ago with student loans. I vaguely remember the loan officer seeing my student loans as a "positive" debt (because it wasn't revolving and I paid on time).

The debt may decrease the amount of house you qualify for but it should help, not hinder you in becoming a home owner.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I bought my first house at age 22, the second one at age 23, and the third one when I was 24 years old, all by myself when I earned half the income that I currently earn.

I had about $20k in student loan debt, but my credit score was extremely high and I had a substantial down payment. Also, my debt-to-income ratio was within reason.

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Student loans are often considered "good debit" by those looking at credit including mortgage lenders. This is because the interest rates are normally low and the time period for repayment long.

However as noted by previous posters owing student loan debt alone does not determine one's credit score/ranking picture.

How much loan debt to income ratio there? Are there late payments? Defaults? What will a mortgage payment do to the household's over all debt to income ratio? How much if any down payment is the borrower putting down.

Having student loan debt and paying a mortgage is not a problem for some persons, others it may well turn out to be so banks/mortgage writers may be leery of making a loan.

Friends of ours from Staten Island purchased a house in NJ last year. Wife is a RN and she tells of having to fax over copies of her license several times when doing the paperwork for their mortgage. Not sure if this was because those doing the processing kept losing things or what.

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