What are my chances of getting approved even with a parent plus loan?
Hi, we live in California and we’re buying our first home. Credit scores are in the mid 700s. We tried a VA loan to avail of the no down and no PMI but we were denied due to a $100k parent plus loan for my kid’s college education. Any chance we can still get approval? by footballmom669 from Chino Hills, California. May 2nd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Student loans, just like any other debt you have are factored into your debt-to-income ratio. Too much debt of any kind can cause problems getting a mortgage loan, or at least may drive down the maximum loan amount a lender will let you have. I have a good article about this on my web site at https://joemetzler.com/deferred-student-loans-and-mortgage-debt-to-income-ratios/ I lend in MN WI IA SD ND only - Cambria Mortgage, NMLS 274132
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