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Posted in Student Loans
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Question By
dmath1764

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Owing student loans is preventing me from lenders helping me with buying a house
What seems to be the best recourse? I owe student loans of $22,000. I cant buy a house because I have been told lenders will not approve me any loan if I owe for a fed s/l. and a credit score of at least 620. I want to borrow from my 401k and try to negotiate down what I owe. Might this be my best thing to do? Who can help me the most with this? Credit counselors, lawyers......

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unless you have a few miss payments. I don't see why they won't approve your load. I would ask your lender and go from there. Good Luck

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Depends on your debt to income ratio as well as your overall score.  222k? perhaps med school or law school?  Also, there is no financial choice in the world worse than a 401k loan.

I suspect debt to income ratio is the problem if you are struggling to get a loan.  620 score is generally the minimum but depending on the lending institution and the type of loan, it could be much higher.

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