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TheNasty · 01-12-2009, 09:23 PM

This was linked http://www.tfproject.org/tfp/tilted-...l-finance.html

So, lets start off with a question!

I'll be graduating in May with a Masters degree, I'll have $49,000.00 in student loan debt.
($39,000.00 in Stafford at 6.8%) and ($10,000.00 Perkins at 5%).

I will have a 6 month deferment period starting in May.

In August I will hopefully find employment, with a salary of between $38,000.00 and $45,000.00. For purposes of this discussion lets assume the lower figure.

I have no credit card debt, and no credit cards. No cell phone, and I own my car. Insurance is $300/3 months.

Now to the question:

What determines if I qualify for a home loan? With the figures provided how much would I be approved for? Using conventional wisdom how much could I safely afford for a house?

In previous threads you've mentioned that generally lenders look at your debt to income ratio to determine eligibility, but that post was made in 2003. With the current lending climate, have things changed? What am I looking at?

Thx!

01-12-2009, 09:23 PM	#357 (permalink)
TheNasty Tilted	This was linked http://www.tfproject.org/tfp/tilted-...l-finance.html So, lets start off with a question! I'll be graduating in May with a Masters degree, I'll have $49,000.00 in student loan debt. ($39,000.00 in Stafford at 6.8%) and ($10,000.00 Perkins at 5%). I will have a 6 month deferment period starting in May. In August I will hopefully find employment, with a salary of between $38,000.00 and $45,000.00. For purposes of this discussion lets assume the lower figure. I have no credit card debt, and no credit cards. No cell phone, and I own my car. Insurance is $300/3 months. Now to the question: What determines if I qualify for a home loan? With the figures provided how much would I be approved for? Using conventional wisdom how much could I safely afford for a house? In previous threads you've mentioned that generally lenders look at your debt to income ratio to determine eligibility, but that post was made in 2003. With the current lending climate, have things changed? What am I looking at? Thx!