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Posted in Student Loans
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Question By
drekkajon

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Huge Student Loans!
I have a mountain of student loan debt that has been successfully deferred and reflects well on my credit report. I would like to place myself in the position to by a home. If I minimize my credit card utilization, continue paying my auto loan--is there any hope? My debt to income ratio will be off balance for the next several years in comparison to my student loans, especially since I'm a social worker! I welcome any advice and please, no snarky comments about it "sucking to be poor". Thanks

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All about DTI

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If you're paying everything on time and your DTI is below around 45% when you include your auto loan payment, minimum monthly credit card payments, the projected mortgage payments including principal, interest, taxes and insurance, then you could be in decent shape. However, for conventional loans will take 1.5-2% of your total deferred student loan balance and assume that monthly payment in your DTI ratio. If you have as much debt as you say, it may be difficult to get all of that in under 45%. 

I have heard that for FHA loans, if you can prove that your student loans will be deferred for at least one more year AFTER closing, they don't have to count it in your ratios. However, that may not be true in your case and may be difficult to prove.

Reply by
drekkajon

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Thank you, that was MOST helpful :-)

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student loan consolidations?

I have advanced college degrees and advanced student loan debt to go with it. I have consolidate loans but all reports including Credit karma show that both the old and the new consolidated student loan are active effectively doubling my actual debt. It has been 6 months since the consolidation. How can I get this fixed? i tried to link the old account to CK but since they are closed as paid off they wont link.

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Reply by
Takotsubo

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Helpful to 2 out of 2 people

I would simply request a copy of your TU credit report via www.annualcreditreport.com and file a dispute via paper mail. Make sure you highlight and/or circle the issue with a statement identifying the mistake. Since, CK pulls from TU, there really isn't anything CK can do to help. The issue is with TU since they maintain their own credit files on all of us. You can file a dispute online with TU, but in my experience, I get better results via US Mail.

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student loans

So i am wondering i have a couple of hard hits on my credit and am starting to pay off my student loans. not sure where the hard hits are coming from since i am not applying for loans or anything. WIll my credit get better faster if i pay off a personal student loan first before a government student loan?

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international student looking for loan

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i am an international student, doing graduation in a Private university. Can any one help me finding a CreditUnion that give a loan a cheaper APR

Thank you

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