QandAs: Loans

Can I get a Home Loan even though I have large Student Loans?

Answer:
There isn't a yes or no answer to this question.

Every persons finances are different but assuming certain factors I can tell you that yes it is possible to get a home loan while still paying off Student Loans. In fact, most first time home buyers have Student Loan debt. Lenders understand this but they do rate you depending on several factors.

The three main factors that come into play are, how much Student Loan debt do you have, how much of a home loan are you seeking and finally how much income do you generate.

If you become a Dentist and finance your education with Student Loans then it is likely that you will have over $75,000 in debt. We can also assume that right out of Dental School you will be generating a decent income. The lender will take this into consideration when setting an amount for your preapproval .

If you rack up $75k in student loans and have yet to graduate with a decent income job then it is likely that your pre-approved home loan amount will be significantly lower.

The best way to find out is to get pre-approved for a new home loan . It's free!


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