How can a student with several loans get approved for a home loan?
I am currently a student with several student loans out in my name. I have a good credit score but am only able to work part time due to school. I make enough money to cover monthly rent with my boyfriend. We want to get into a house but I fear my loans and low income will make it difficult if not impossible for us.
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Please follow 2 things:
1. Try your best to put 20% so you don't pay that nasty PMI.
It is not tax deductible, and does not apply towards interest or principal. Like throwing away thousands a year.
2. Don't let the banks bully you into any mortgage that has the words "variable or indexed" interest rates. Stick to 15 or 30 year fixed.
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