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AndreaWH

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My student loans are currently in forbearance, will this hurt my chances of purchasing a home?
My student loans are currently in forbearance, my credit score is 640, will this hurt my chances of buying a home?

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Again, the first answer is bad information, which is pretty consistent with that poster. The answer to your question is that having student loans in forebearance does not disqualify you from buying a home and NO, you dont have to have them paid off. The lender will have to evaluate how long they are in forebearance for to make a determination whether to use those payments as a calculation against your monthly debt payments. Even if you are not currently paying, they most likely will consider the debt payment in your DTI.As long as your debt to income ratios are in line with the lending guidelines with the student loan payments factored in, you should be fine as long as all other loan criteria are fine.

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Forebearance is not an indefinite situation.  That will end in due time and you are going to have to start paying on those loans, which will remain collectable until they are paid in full, no matter how long it takes, and they cannot be discharged in bankruptcy except in extreme cases.  They are going to affect your credit until paid off so buying a house may have to wait until you get this debt paid.  

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Yes, they must come out of forbearance. This is easily done and you can pay as low as $5.00 per month for 1 yr. After that, they can take different routes depending on your situation. You can go for Income Drive Repayments.

So, get them out of forbearance, buy the house, then stop paying on them again. They won't take your house away. If need be, just go back into IDR or one of their other many options.

If u ever do want them gone totally and don't want to pay if they are drastically high, you have a few choices. Such as if you are a teacher, nurse, or several other careers. If u become disabled they can be eliminated. Or, this is naughty and yes I don't care to get lectured, I know what I'm about. You can get a consolidation loan (outside of the a goverment student loan consolidation). Must be from private company. In this way, if u ever planned to file BK, they can be included also. One more option for those who don't hold extreme high morals. Find the house, get all paperwork and everything ready beforehand, don't do a prequalification approval, and as soon as u r ready, make offer on house. A few days or a wk b4 u make final offer and accepted, file disputes on all of your student loans. They will be temporarily gone for usually 30 days til credit bureas decide if they r legit and u do owe on them. Then they will simply put them back on report. So u will have a window of opportunity to do a RUSH closing before the student loans show back up. They will run ur credit a day or so after official application and acceptance from owners "depending upon loan approval" and they will run a final score right b4 closing. So, must have a realtor that is fast, an preferably empty house ready for move in and quick sale. 

I have a few other tricks up my sleeve too, but I don't want to hear a bunch of BS nonsense responses of OMG, you will go to jail and such. It's a fine line, but can be pulled off. Any questions arise, u say "oh yeah, I think there r some mistakes on those student loans so I wanted to confirm everything, blah, blah, blah.

When it's all said and done, everyone just wants loan to go through and they don't care to know about the fine details.

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