Tag Archives: Student loan

Don’t Let Student Debt Stop You from Buying a Home, Maximize Your Purchasing Power – Boston Mortgage

Deferred installment debts such as student loans must be included as part of the borrower’s recurring monthly debt obligations. If the borrower’s current report does not indicate the monthly amount that will be payable at the end of the deferment period, the lender must obtain copies of the borrower’s payment letters or forbearance agreements so that a monthly payment can be determined and used in the borrower’s total monthly obligations.… more

How Much You Can Get Pre-Approved for and Debt to Income Ratio Explained – Boston Mortgage

A common question in the home buying process is how much can I get pre-approved for? The formula lenders use for qualification is called debt to income ratio, known as DTI which is your monthly debt divided by your gross income – income before taxes are taken out.… more