You worked hard to earn a college degree, and now you’re stuck with a seemingly neverending student loan. It’s hard to juggle student loan payments along with all of the other bills that come along with adulting. When money gets tight, you might decide to defer that student loan.
What does this have to do with buying a house? A lot! When it’s time to qualify for a mortgage, you need to be upfront about all of your debt, and this could affect your eligibility. Student loans, even deferred ones, are no exception.
If you need a mortgage in Pennsylvania, your deferred student loan doesn’t have to stand in your way. VA loans allow borrowers to omit deferred student loans from debt ratios.
If you’re wondering if you qualify for a VA loan, wonder no more! MortgageDepot will assess your eligibility and help you properly report your student loan debt.
What is a VA Loan?
VA home loans are available to active-duty military members, veterans and their families. If you qualify, your VA loan will offer these benefits:
Applying for a VA Loan With a Deferred Student Loan
If you have a deferred student loan, you’ll probably bring several questions to the mortgage desk. First and foremost, you might be wondering how to report your income and debt. You’ll need to resume your student loan payments eventually, so are those payments incorporated into your debt ratios?
If you qualify for a VA loan in Pennsylvania, you might be able to omit deferred student loans from the equations. Here’s how it works:
At MortgageDepot, we understand that it’s hard to find your financial footing when you have student loans on your radar. We finance borrowers with credit scores as low as 580 for VA loans.
Contact MortgageDepot Today!
At MortgageDepot, we help our clients work through difficult financial situations to reach their home ownership goals. Contact us today to learn more about securing a mortgage with a student loan deferment.