Qualifying for a house?

Question

So I finished my Masters degree. My family and I really desperately want to buy house. Me and my husband have two kids, my income is around 85,000 a year and he works labor and never finished college his income about 25k a year. We do not live in some city area we live in small-town USA Ohio. So prices for houses and things like that are not like 500,000 or more, you can find a really nice house for 150 or something around there. My question is I have a massive amount of student debt. My student loans are around 90,000. With that being said we don’t really have any credit card card debt. We are paying on two vehicles that are both halfway paid off. I’m worried about qualifying for a mortgage to buy a decent house with my high amount of student debt. I figured with our combined income it should not be too bad. I have been a nurse for years and I’m now nurse practitioner, it is a secure position but I have not been in the position for years yet either and I read somewhere that can be a factor as well. Like as far as some mortgage lenders wanting to see you at your current position for a couple years or something to consider it a reliable income. Are there any people out there that work in this industry that can give me some insight or reassurance. Both of our credit scores are above 730.  I’m just afraid of my high student loan debt Impacting us qualifying for a mortgage.
Edit— we live in a two bedroom apartment with an 11 year old and are sharing a room with our toddler. We do NOT have room and waiting another two years to pay down student loan debt would be nice but we have waited years to begin with and can not manage staying in this small space anymore. :(

Answer

They will look at your debt to income ratio, but student loans is usually considered “good debt.”  Go have a meeting at the bank and see what you would be preapproved for.  You won’t know until you go talk to someone, and talking to them won’t tie you to it.

Answer

They want to see your income for the past two years. Position doesn't matter. They will also look at debt to income ratio. If I were you, I would hold off on the house 1-2 years. Pay all student loans down. You'll be able to get a nicer house with more disposable income. My first house, I bought on my own. I made 55k, it was 135k, and I had only my car. it wasn't my dream house, but a start. Six years later, I just sold it for 216k, and we are closing on our (next to) dream house and have a super low payment.

Answer

My husband and I make a combined $165k, he had $35k in student loan debt with $15k car loan debt. We bought a house for $356k and recently were considering buying a rental property for $250k and qualified. We both have solid credit, but have a couple years of time in our jobs. I’m sure with $100k income and $90k in debt and good credit, you’d be approved, but definitely check with a bank. I would recommend a local lender. 
We ended up deciding to take the money we would’ve used on the down payment for the rental and paying off the student loans. 
Also, for anyone who suggests you should wait to buy a house until your loans are cleared up... unless you’re living rent free somewhere, it doesn’t make financial sense to pay someone else’s mortgage. Yes, home ownership has more costs for maintenance and whatnot, but you can write off interest, PMI, and homeowners insurance. It’s an investment and much smarter. 
Just build an aggressive budget and throw every dollar you can towards paying off the debt. Also, if you can, set up biweekly payments on your mortgage. It’s one extra payment per year straight to the principal and I think it knocks off about 5 years of the loan and thousands in interest.

Answer

I recommend u watch Dave Ramsey Youtube channel .... he is a financial guru who advocates for debt freedom and financial oneness with the spouse. He answers these type of questions allllllll the time! I can imagine him saying no do not buy a home. You make 100,000 a year minus taxes and u need to live like u are poor now and pay that student loan off in 2 years and then buy a house. Adding debt is never a solution to a debt problem. You need a financial plan.

Answer

I got a mortgage in my own making 45k a year and had not been in my job for a year yet. They look at your debt to income ratio. The only way to know what you can be approved for is to talk to a mortgage rep and get a pre-approval. They walk you through the whole process.

Answer

My husband and I are in the process of buying our first home and he has a large amount of student loan debt and we were still able to get approved. Hope that helps! 🤞🏻

Answer

I have that much student debt and had no problem buying a house with my SO. We ended up getting a rural development loan so 0 down! Go talk to a realtor and they can hook you up with a bank to see what you can be approved for and any programs to help.

Answer

Well I’m in the same process right now and I have 90k in student debt and it’s been very near impossible to do this. Several banks said my debt is crippling and I make very good money and work full time. I have been going through state and government programs which have been helping and I think we can purchase with government help but not to be the bearer of bad news but it’s very hard

Answer

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Qualifying for a house?

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