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When applying for a home loan can you use student loan money as "income" ?
My wife works and I am a Law student taking loans out to help with tuition and bills. Can we combine what her income is and the student loan amount that we receive and call it total income? If yes, is that a wise? We are looking to by a duplex and live in one and rent the other. Will a lender look down upon the fact that there is only one income and the "income" will result in debt?
Asked by
nola6971
1 year ago
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Uh no, you need 2 years of documented employment. Employment means employment. Do you think that you can take out a credit card cash advance and use it as income?
ChrisHS2000 1 year ago
Agreed. You can't use loans as income. No one will underwrite that loan.
AppleRules 1 year ago
i would never use student loans as income
blindley 1 year ago