Will student loans that are for living expenses count as an income when applying for an fha home loan?
Amy T asked:
I am waiting for an answer on my home loan and was wondering if my student loans will count as an income. I have a 5000 dollar down payment and the home is 80000 The agent that I am working with says that there shouldnt be a problem I have great credit and the only debt that I have is 9000 that I owe on my car, I **** to get my hopes up if it really isnt going to happen I have a part timejob also that I make 1000 a month at and get 30000 in student loans yearly that are for living expenses but not all of that gets paid back because I am a single parent If anyone knows the answer to this please help
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I am waiting for an answer on my home loan and was wondering if my student loans will count as an income. I have a 5000 dollar down payment and the home is 80000 The agent that I am working with says that there shouldnt be a problem I have great credit and the only debt that I have is 9000 that I owe on my car, I **** to get my hopes up if it really isnt going to happen I have a part timejob also that I make 1000 a month at and get 30000 in student loans yearly that are for living expenses but not all of that gets paid back because I am a single parent If anyone knows the answer to this please help
May 24th, 2010 at 1:06 am
Usually not because this money is budgeted to pay for your school expenses. There isn’t supposed to be any left over.
May 25th, 2010 at 7:57 pm
No, a student loan will not count as income. In fact, it will more than likely be considered debt by your underwriter. That may hurt you by increasing your debt to income ratio. If you haven’t already, put your student loans in deferment for the next two years. I wouldn’t take out another loan until after you close.