Jul
22
22
Will a federal student loan impede and or hinder me while I am trying to purchase a home?
Financial Aid
monalisa_2 asked:
I am going to return to college, but have never applied for a student loan. In the past I paid for my classes and books. I am going to buy my first home, and I am wondering if a student loan would affect my credit? I am a first time home buyer.
Sphere: Related ContentI am going to return to college, but have never applied for a student loan. In the past I paid for my classes and books. I am going to buy my first home, and I am wondering if a student loan would affect my credit? I am a first time home buyer.
Ask a Question
Tags: Books, Federal Loan, Federal Student Loan, First Time Home, First Time Home Buyer, Time Home Buyer
July 23rd, 2008 at 6:58 am
If you have missed payments in the past or if your debt to income ratio is too high, it could hurt you. All your past student loans will be on your credit report separately so at first glance it will look like you have a ton of outstanding loans. Which i guess is true. If you took out private loans with those godawful maximum amounts, you could be in serious trouble.
Hubby and I have bought 2 houses and a condo on credit, my loans and his were both listed. We never missed a payment in the 12 years we paid on them though.
July 26th, 2008 at 7:18 am
It all depends on your credit history; whether you have made every payment on time, how large the amount of your student loan is, amount owing on your accounts (including credit cards) and time since newcredit inquiries etc. If your credit history is good, the student loan shouldn’t hinder you.
Sources:
July 29th, 2008 at 8:11 am
Easy question,no.Not solvable question,no.Check out this information,your answer might be here.http://studentloan.online-helpers.info/consolidation-loan-stafford-student.html
Add A Comment