Buying a House with Student Loans (Even High Student Loan Debt)
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- čas přidán 5. 02. 2020
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Student loans were so predatory. A $25k loan easily ballooned into $100k if you had some tough times and took a couple of their so called life-lines.Gov't did this to us and needs to fix it. Total forgiveness. Or else many of us don't stand a chance.
That was one of the hardest lessons we had when we first started looking at homes almost 3 years ago. We definitely needed to get the rest of our debt under control before we tried to buy a house because of our student loans. Which had also ruined our credit by the way, defaulting on our student loans through the early 2010 area when we really had absolutely no money and were barely scraping by. In the last 3 years we've gotten our credit scores both above 640 which qualifies us for that conventional loan and it's going to let us buy a house in the area we want. I really wish somebody had explained a lot of this stuff before we ever got the student loans.
Keep pushing, it looks like you have a good plan in place now.
Same here!!
Here after my student loan debt gave me 3x draw 4 uno cards.
😂🙂
You give me hope that I will get my home . I almost turned this video off 🤣 student loans are messy !
Get pushing, they are messy but it is definitely possible to overcome!
I’m so glad i found your videos. You gave me hope to eventually get a house! Thank you!!
Thank you so much for this video! I had no idea about the 1% for FHA on high student loan debt. I have yet to see another video specifically talking about this. SOoooo I need to go ahead and save my 5-10% for a conventional loan and call it a day. THank you THank you!
it's 3% for a conventional loan try Fannie Mae Home Ready
Thank you for this, I attempted to buy a home and the student loan really affected my options and I was discouraged but now I am getting myself lined up to try again. This information really helps
Thank you so much for this video and pretty much every other video you have posted! You have answered so many of my questions and have made the home buying process so much easier. You are absolutely amazing!
You are so welcome! Best of luch and thank you for watching!!!
I love all your videos ❤️; so very informative & leaving no stone unturned! You're the best!!!
Thank you for the feedback and for watching and let me know if there is something you want me to cover. I'm keeping a running list 😄
I’m so glad I found you! Your videos are so easy to understand.
Glad you like them! Welcome!!
Your videos are awesome! U have put so much in perspective for me. Having high student loans has always stop me from even considering buying a home.
Some months back I tried renting an apartment from TRUILA but I had a low credit score of 616 due to my unpaid student loans. So I was being denied of every offer due to my credit. I had lived with my sister for quite some time , when she put to birth the house became cramped. I was recommended to Credit patchup by a co worker. I contacted them at jon@creditpatchup.com They got back to me almost immediately and we came to an agreement and they started to work on my credit profile. 10days after the work my score jumped +170 points , they marked all late payments as on time payments and cleared the negatives affecting my file. I issued for the rental again this time on Zillow and was given a home. I’m glad I met Credit patchup LLC
You are so thorough... great info. I have learned so much from you!! Blessings
Thank you
Thank you for this video. It is very informative. I am a social work administrator and I have student loan debt. I applied for a 40k mortgage in 2016 in my home city Detroit and was denied. When I inquired why, I was told because I have student loans. When I asked about possible avenues to home ownership while having student loans I was simply told to "get a higher income".
I needed this!
Thank you for the excellent information. I learn something new in all your videos.
This video has been incredibly helpful. Thank you so much fo sharing your knowledge.
Glad it was helpful!
Wow! I love how you’re straight to the point and aren’t misleading. Also, you don’t require us to turn flips, to get the information. New subbie here. Thanks for the information!
Thanks for subscribing and best of luck on the homebuying journey!
@@ShaheedahHill ❤️❤️
If I could love this video, I would! You explained everything very clear and straightforward. I will be starting my home search again real soon. I refuse to give up! Early 2020 was a denial, so, I waited a few months, got a raise at my job 🙌🏾, and now I feel I am where I am suppose to be to try again. Thank you!
Thank you so much for watching and commenting and best of luck on the journey!
Good insight! Student loan and home ownership and how they intersect is important
Absolutely!
I love your videos. I have learned so much.
I love how well you explain everything. Thank You.
You are so welcome!
Thanks for this video. You were hitting on all the situation I am in. I have the credit score but the student loan was high. I am a income payment plan with them. So a high down payment is required. Now I understand and I have to save up for that. Thanks al lot for shedding light on the information. You are the best.
Thank you and good luck!
Thank you so much for sharing this information I greatly appreciate it. My loans are 200k and I am going to do the extended plan once it's time to recertify. My goal is to buy a home in Maryland by the end of the year and am getting things corrected with my credit.
Glad it was helpful!
This was very informative to those who need to know how student loans can impact buying a house.
Thank you
Just found your channel. Great info. I was denied 2x due to student loan debt. I decided to start paying on my student loans. Moved in with my sister and working to boost my credit to 700. Im now 661 FICO.
I really want to buy a house and I’ve been so anxious to talk to anyone. Your videos really helped. Thank you
You are so welcome, let's get it!
You’re amazing and you explain things so well!
Thank you! I think I received incorrect information while researching before I got to your video!
I co-signed for my sister’s loans plus have my own making the overall debt 100k. I’m trying to get the lowest DTI ratio calculated possible when applying. I was told to qualify for a conventional loan I would need to be on a standard payment plan for the student loans which is much higher payments than an income driven plan. After watching your video I feel a sense of relief and hope income driven plans are an option!
Yes, they should be an option for you. Even if you are not buying a house soon, I recommend doing a mortgage application with a local lender to see where you stand, because sometimes conventional financing is more difficult to qualify for. Thank you for watching!
This was great!!! I’m a Loan Officer coming across more and more clients who have A LOT of Student Loans and are on PLS program as well so this helped me with clarification on that program
Great! Thank you for watching
I can entrust you to Credit Patch-Up LLC smart service because he helped me and my husband remove our past eviction from our credit report and I just got approved for another card worth $30,000 limit and he cleared my friend credit card debt, he's 100% Real and Legit i assure you of a job well done from him you can reach him thru via jon@creditpatchup.com he can also remove any negativity item off your credit report: Bankruptcy, Tax Liens,Public Records, Evictions , Student Loans, Mortgage, Late Payments, Credit Card Late Payments, Charge Offs, Collections, he's one a kind go check him out friends you won't regret this
Thank you! This was told to me but you helped me understand.
Glad I could help!
Thanks again appreciate the info !
Thank you for watching!
Hi! Thank you for providing so much valuable information. We are currently in the process of buying a home. My wifes credit score a week ago needed some work. I added her a authorized user. This brought her scores above 740. Thanks for the tip. My question is will a student loan debt come up in a credit report after 10 years? The default is not showing on her credit. Thank you!
You do well as a teacher 👏🏼
Thank you!
Thank you for your insight on how the DTI is calculated.
Glad it was helpful!
Great information! I swear if it’s not one thing it’s another for me it’s like the harder I try the less I’m able to make things happen...I was able to get my score up, start saving, pay some things off, I have a good payment history, now my student loans is impacting my chances of buying a home...it’s even harder as a single parent
Keep pushing....a conventional would probably be the best option.
Word. My ex took everything and now I'm stuck like this
Thank you for this video. My husbands student loan debt is off the chain so I appreciate this. lol. Also I see that HU shirt! 💙🤍💙🤍
Yes, you know I paid for the experience - It was fun, but those student loans were not. And I got my masters in education so I totally get it. Thank you for watching. 😀
I so needed this , thank you.
Thanks for watching
Oh I really gotta follow you now!! I'm looking for homes AND went to Hampton hey sis! HU grad here 👋🏾 OphiO 15!! Love seeing a fellow alum. And whew lawd I went to Hampton for undergrad and DePaul University (another private school 😖) for Grad school and im regretting all this student loan debt. I reeealllyyy needed this video because this is a STRUGGLE.
Hi Pirate! Thank you for watching and following me
Hampton is hella expensive! A few of my colleagues have kids who go there now for undergrad and grad.
Tell me about it...that's why I left. Fun times though!
I appreciate you so much thank you
Love your channel! You explain things so well. Also, HBCU love!!!! I went to FAMU for undergrad and grad school. 🐍
So cool! Thank you for watching! HBCU love to you too!
Thank you, Shaheedah! My student loans actually doubled due to interest. From $26,000 loaned to about $44,000 owed! I didn't consider this and had no idea about any of this before watching your video. Thank you so much! I am a new subscriber and will be binge watching your channel today! Your videos educate me with so much good stuff!😀
Thank you so much for watching. Yes... these student loans 🙄
Some months back I tried renting an apartment from TRUILA but I had a low credit score of 616 due to my unpaid student loans. So I was being denied of every offer due to my credit. I had lived with my sister for quite some time , when she put to birth the house became cramped. I was recommended to Credit patchup by a co worker. I contacted them at jon@creditpatchup.com They got back to me almost immediately and we came to an agreement and they started to work on my credit profile. 10days after the work my score jumped +170 points , they marked all late payments as on time payments and cleared the negatives affecting my file. I issued for the rental again this time on Zillow and was given a home. I’m glad I met Credit patchup LLC
Thank you so much for the video! This information has been very helpful. Are private student loans and federal student loans looked at the same when be considered for a loan application? Thanks!
Yes, they are looked at the same usually.
Thank u thank u thank u!!!! So clear and informative!!!!
Glad it was helpful!
I know about Hampton! 😊 I transferred out from Hampton, too, and went to a Virginia public, state school. Definitely loved the experience and definitely paying for it now. 😄 Thank you for the video!💕
Thanks for watching and please watch my updated student loan video... link in the description.
Thank you for keeping it real.... You are truly a blessing to me as a first time home buyer.
Shaheedah, you're terrific with a capital T.
Thank you!
Proud Hampton graduate here!
Thanks so much for doing this video. This is a great help
Thanks for watching Jay...here is the updated student loan video. A few things have changes since this video came out - czcams.com/video/yunqWv1xIUU/video.html
Thank you for this information. I was told I didn't qualify because of my student loans but I was wasn't given any additional options.
You are welcome! Best of luck😀
This video was very helpful. I just moved back home because I want to purchase a home...
I really appreciate your videos
I appreciate that! Thank you for watching!
Really enjoy your channel. Thanks for this info.
Thank for watching and for the feedback!
I can entrust you to Credit Patch-Up LLC smart service because he helped me and my husband remove our past eviction from our credit report and I just got approved for another card worth $30,000 limit and he cleared my friend credit card debt, he's 100% Real and Legit i assure you of a job well done from him you can reach him thru via jon@creditpatchup.com he can also remove any negativity item off your credit report: Bankruptcy, Tax Liens,Public Records, Evictions , Student Loans, Mortgage, Late Payments, Credit Card Late Payments, Charge Offs, Collections, he's one a kind go check him out friends you won't regret this
Exactly what I have been worried about. I recently found your channel and I am so impressed. Also, I have gotten conflicting information, is rent included in your DTI?
Thank you for watching! No your rent is not included in your DTI, but after all of you debt is added up the lender will see if they add monthly mortgage debt will that take you over their maximum debt to income ratio. When you calculate your DTI add your anticipated mortgage payment to your overall debt. If you haven't already check out my DTI video.
THANK YOU!!!!! I'm thinking to start the purchase of my first home in 2024-2025, so I'm binge watching all of your videos for first time home buyers. WOW, you are def. a wealth of information. THANKS ONCE AGAIN!!
Welcome to the channel Nakia. Here is an updated student loan video there were some changes in 2022 - czcams.com/video/yunqWv1xIUU/video.html
@@ShaheedahHill awesome... Thnk you 😊
You are amazing! While people binge watch Netflix I am going to binge watch your videos.
Thanks😂
Thanks😂
🙌🏽🙌🏽 SAME HERE!! Yesssss LORD
Very well done!
Thanks
I was randomly looking for information on 203k loans and came across your videos. Your content was good so I kept clicking. Imagine my surprise when I clicked on this video and you had on a sweatshirt from my school Hampton U!!! Keep up the good work Pirate!!!💙⚓💙
Awesome! Thank you so much⚓. That 203K loan is a great product but get your ducks in a row ahead of time, please make sure you watch my three, 203K videos. czcams.com/play/PL6YdU_zvybVn2p8ahTAirZ5DdAZLQo4gQ.html
Very valuable information and you explain it perfectly. Thank you so much for your help!
Thank you Clarence for the superthanks!! I do have an updated student loan video, some things changes with FHA loans - czcams.com/video/yunqWv1xIUU/video.html
Once again.. golden 👏🏾👏🏾
Thanks... please note: 👍👍👍👍UPDATE - As of June 2021 FHA will use your Income Based Payment or .5%(half of 1%) of your loan balance!👍👍👍👍www.forbes.com/sites/adamminsky/2021/06/21/biden-administration-will-make-it-easier-for-student-loan-borrowers-to-get-a-mortgage/?sh=3d81c63d1314
Very helpful. Thank you
Thanks for watching
Thanks so much for sharing your knowledge💞
You are so welcome
Came looking for answers on will having studebt loans hinder me from buying a home. Hard yes thank you for your information.
Thanks, here is an updated version of this video because some things have changed in 2021. Thanks for watching
thank you so much this was so helpful
Thanks for watching!
You helped me woosah because my loans are like 100k but I have no other debts and an excellent credit score and payment history
I'm happy this helped! Thanks for watching!
So glad I found your Channel
Me too 😊, thank you for watching. I do have an updated student loan video. Things have changed since I have recorded this one. czcams.com/video/yunqWv1xIUU/video.html
I graduated from Hampton in 2014 and the private school loans are no joke. I’m on track to pay mine off this year and then I will start saving for a down payment on a home.
great information
Thanks
Thank you. Great advice!👍
My pleasure!
Some months back I tried renting an apartment from TRUILA but I had a low credit score of 616 due to my unpaid student loans. So I was being denied of every offer due to my credit. I had lived with my sister for quite some time , when she put to birth the house became cramped. I was recommended to Credit patchup by a co worker. I contacted them at jon@creditpatchup.com They got back to me almost immediately and we came to an agreement and they started to work on my credit profile. 10days after the work my score jumped +170 points , they marked all late payments as on time payments and cleared the negatives affecting my file. I issued for the rental again this time on Zillow and was given a home. I’m glad I met Credit patchup LLC
Love your videos too bad you’re in Georgia, I’m in Va. I’m applying for a loan this year.
Congratulations and thank you for watching, I wish you were in Georgia too😀.
This information is so incredibly useful. Thanks.
Updated student loan video czcams.com/video/yunqWv1xIUU/video.html
Thanks for watching
nice to see real info instead of fluff. Great!
Glad you enjoyed it!
This is life changing information. Thank you!
Glad it was helpful!
Some months back I tried renting an apartment from TRUILA but I had a low credit score of 616 due to my unpaid student loans. So I was being denied of every offer due to my credit. I had lived with my sister for quite some time , when she put to birth the house became cramped. I was recommended to Credit patchup by a co worker. I contacted them at jon@creditpatchup.com They got back to me almost immediately and we came to an agreement and they started to work on my credit profile. 10days after the work my score jumped +170 points , they marked all late payments as on time payments and cleared the negatives affecting my file. I issued for the rental again this time on Zillow and was given a home. I’m glad I met Credit patchup LLC
I can entrust you to Credit Patch-Up LLC smart service because he helped me and my husband remove our past eviction from our credit report and I just got approved for another card worth $30,000 limit and he cleared my friend credit card debt, he's 100% Real and Legit i assure you of a job well done from him you can reach him thru via jon@creditpatchup.com he can also remove any negativity item off your credit report: Bankruptcy, Tax Liens,Public Records, Evictions , Student Loans, Mortgage, Late Payments, Credit Card Late Payments, Charge Offs, Collections, he's one a kind go check him out friends you won't regret this
Love your videos! I recently graduated college and am living at home for the time being to save up before buying a home for myself. Any additional tips for recent college graduates?
Thanks for watching, I think my #1 tip would be don't move out too soon. Save and pay off debt as much as you can before you move out on your own.
You answered what I was juuuust about to email you about 😆! I'm moving to GA so I might be contacting you anyway.
Thanks for watching!
Thanks so much
You're welcome!
Professional and helpful
Thank you!
Shaheedah your videos are articulate and easy to understand. First time homebuyer with 11k left in loans. Taking advantage of 0 interest during covid and hope to ha
Ve another 1k paid before doing loan. Thank you for your video
Thank you so much for watching!
Thanks to Credit patchup for helping me to boost up my credit score to 801. I was referred to Creditpatchup by an old friend, who he helped to increase his credit score, Creditpatchup helped me increase my credit score to an excellent score and increased my credit card limit to $15,000 within 5 days. He also helped to pay off my mortgage and student loans of $54k within two weeks, are real and affordable. Contact (Jon@creditpatchup.com) for your credit repair.
So discouraging especially when I’m still in school and already have debt. Lawdamercy You explain things so wellz
Thanks you!
Thanks for this video we received bad new and This makes me feel much much better.
You are so welcome! Best of luck on your home search!
Hey thanks for the video. When doing the income base plan for my student loans do I need to get them out of forbearance or default ?
This is an updated video that will answer your forbearance and deferment questions czcams.com/video/yunqWv1xIUU/video.html
Thank you for all the information you’re giving out, Queen, I appreciate you... My question is, what if you’re student loans are in collections?
They will likely have to get in a repayment status for you to qualify. However ask a lender there may be an exception. N
Thank you
Thank you
Thanks for watching
Thank YOU.... THANK YOU!!
You are so welcome!
Thank you. Can you still use NACA and FHA with high student loans on public service forgiveness?
Thank you so much for this video! I am also a teacher in Dekalb County Schools, but I have been a real estate agent since 2007 which is a year before I began teaching. I stopped selling real estate, so put my license in an inactive state, but I want to get back to selling real estate. Your videos are helping me tremendously. Maybe we can meet and partner up. I have tons of leads.
Sounds like we have similar story...please continue to follow, I will have some announcements soon on how you can potentially join me.
very informative content.
Thanks for watching! Please make sure you watch my updated student loan video as well, there have been some changes - czcams.com/video/yunqWv1xIUU/video.html
I had to sub. You are amazing. You provide a wealth of information for free. May the Lord increase every avenue of your life.
Welcome and thank you!
I have a high car payment and student loans 🤦🏾♀️. I planned to continue renting while paying down debt but our landlord is selling this rental and we have to vacate 🤦🏾♀️ sigh so I’m really stressing. The rent here is ridiculous literally 1500-1800 for 2 bedroom. I have a high schooler and I’m trying to stay in school zone. I’m so discouraged. This video helped as I’m weighing my options
So sorry you have to make these decisions so quickly, get pre-approved to see if homeownership can be an option. If not you may have to rent for a little longer but at least you will know where you stand.
When is you lease up? Most states you are allowed to stay until your lease is up even if the landlord sells the house. The new owners just assume the lease
Your videos are very helpful. Do you have any videos on buying a home with medical bills?
Watch the pre-approval video
I like your videos. That very informative. Is is too late to get into student’s loan repayment while in contract and waiting for the attorney review?
Probably but ask your lender to be sure.
Can you make a video discussing student loans for physicians and physician home loans? I’m not sure if you have any experience with those, I believe they calculate DTI differently because their student loans balances tend to be so high... btw I really liked your video, very informative!
Yes I can, they do have doctor home loans.
Love your videos would those doctor home loans cover PHDs as well to your knowledge
Awesome information.
Glad it was helpful! Thank you for watching!
Could you do a video on lease to purchase?
You are incredible. Love how you take time to explain things. Question: I have a large student loan, but taking classes which are paid by university where I work. I don't have to pay loans while I am in school. How would that work with mortgage loan?
They would still see your outstanding loan balance on your credit report and calculate that into your debt to income ratio depending on loan type.
Hello. Thank you so much for sharing this information. I am in law school and will have high student loan debt. My credit is good and I'm paying off any credit cards now. I want to buy a home, with my family, shortly after graduation. I watched your down payment video which was also very helpful. Does the conventional loan require a 20% down payment or would the 7%-10% discussed in the aforementioned video be enough. I plan to buy in the next 2 1/2 to 3 years. Any tips?
Some conventional loans are as low as 3% or 5% down. Connect with a lender about now so you can prepare over the next few years. Thanks for watching!
Hello! I love your video’s...so informative. I have high student loan debt. Should I consolidate all of my loans which I never paid on? They were always in deferment status. I want to get my first home within the next two years. Thank you!
It may be helpful for you to a mortgage and application with a local lender now so you will know where you stand and let them advise you on the best plan of action. Thank you for watching!
Hello- can you explain? I didn’t understand that answer
My partner and I just stumbled upon your channel and we are loving it! Thank you so much for the info you are sharing. We will be looking to buy a house in the spring and I do have a high amount of student loan debt (+100k). However, with the federal loans being in deferment right now because of the pandemic, I was wondering if that currently counts towards that 12 months you referenced where they would not use my debt when calculating the 1%? My partner is a Navy veteran, so we’d be seeking a VA loan.
Thanks for finding me, VA loans are a little different they will either use a payment on your credit report or 5% of the overall loan balance divided by 12 months. I did a video on VA loans specifically that may be helpful to watch.
@@ShaheedahHill thank you and thank you for such a quick response! Found the video and watching now 🤗
Thank you so much. I recently had my credit pulled and was so discouraged to be informed that my student loan was preventing me from being a home owner. Should I reach out to inquire about income based payment even though the President has student loan payments on hold? Also when i do that and make monthly payments about how long do you think ill have to make payments before i can be considered for a conventional loan? thanks my score is pretty good but i want it higher. im going to watch you credit score video now
Ask the lender that pulled your credit if you would qualify for a conventional loan if you get on IBR, they should be able to tell you.
New sub here and I watched this video two times lol. Thank you for sharing. So if I have about 60k in deferred student loans and not including interest and a separate parent plus loan. 1% of that would be 600? 🤔 And in that case would I have more luck bettering my credit and setting up a payment plan for the conventional option. What’s a good amount to save for a down payment? And lastly, do you know how all this would effect qualifying for the new home buyer aide that states offer (I’m in Florida)? I’m very new to all of this so any information will help. Thank you again for sharing✨💖
Hi new subscriber, watch a few more of my videos and I answer a lot of your additional questions, links in the description. But you are correct $600, yes you can try to qualify for a conventional mortgage so they can use the actual payment. In order to have an actual payment you will have to come off of deferment.
Hi I have a huge question and need your help please!! . I want to buy a house next year but I have some student loans left to pay off which I can have it paid off by October. However, if I pay it all off. My credit score will go down immensely due to my credit history the loan was able to provide me with. Credit score is at 760 right now. Once that loan paid off I’m sure it’ll go down. However, I know my DTI will be much better without this student loan. What should I do?