Student loans as income for mortgage?
I know that student loans can count against you in buying a house as they are a debt but I dont know if we use student loans as a source of income while in college if we can count that as monthly income. So, my hubby and I are both surrounded by school, we have taken out student loans to relief substidize our income so that we can go to school full time and work Part-time. We would similar to to try to buy a home (townhouse etc) soon. is it possible to count our student loans as income as that is how we pay for rent right presently?
Answers:
no you cannot count borrowed money as income. No hill will do that.
as an alternative, visit your county recorder and see when their
annual actual estate tax delinquent sale is. YOU can draw from a house
for taxes. Source(s): RE broker
No. The bank is looking for assets. A loan is not an asset. They want to see that you have a track narrative of saving money. If so, you will be able to money the mortgage when you go thru a tough period.
You could buy a home from an elderly personage who owns it free and clear. You would not get a mortgage; you would make monthly payments to the previous owner. You draw from the deed. If you don't pay, the house go back to her..
Never going to happen. That is debt not income.
A lender would laugh.
No you cannot
This is in no way income
It is a debt
That would be approaching asking if you can count the cash advances you can lug on your credit card as income.
LOL
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how can I get a mortgage if I claimed bankruptcy? they said not till two years! oh no! my fiancee is lone approved for 70,000! oh no! how can we make that go up? how do I apply for first time home owner forfeit? we need...
Answers:
no you cannot count borrowed money as income. No hill will do that.
as an alternative, visit your county recorder and see when their
annual actual estate tax delinquent sale is. YOU can draw from a house
for taxes. Source(s): RE broker
No. The bank is looking for assets. A loan is not an asset. They want to see that you have a track narrative of saving money. If so, you will be able to money the mortgage when you go thru a tough period.
You could buy a home from an elderly personage who owns it free and clear. You would not get a mortgage; you would make monthly payments to the previous owner. You draw from the deed. If you don't pay, the house go back to her..
Never going to happen. That is debt not income.
A lender would laugh.
No you cannot
This is in no way income
It is a debt
That would be approaching asking if you can count the cash advances you can lug on your credit card as income.
LOL
Related Questions:
House loans/mortgage?
how can I get a mortgage if I claimed bankruptcy? they said not till two years! oh no! my fiancee is lone approved for 70,000! oh no! how can we make that go up? how do I apply for first time home owner forfeit? we need...