how does student loan debt factor into mortgage loans?
Are you considering buying a home, but aren't sure how your student loan debt will impact your ability to qualify? As with any debt, your mortgage lender will consider your monthly student loan payments when calculating the amount of monthly mortgage payment you can afford. Even if you haven't started paying back your student loans, an estimated monthly payment will be established for underwriting purposes.

What's most important to remember about your student loans is to pay them back in accordance with your repayment plan. CHFA Home Finance Director, Dan McMahon added, "Making late payments or defaulting on your loans can have an extremely negative effect on your credit score, which will ultimately impede your ability to qualify for a mortgage loan."

For guidance on student loan repayments, check out this resource from the Consumer Financial Protection Bureau: Repay Student Debt
video: how to get a chfa loan
CHFA recently launched a new video to introduce our homeownership programs to those considering a home purchase or refinance. The 90-second video helps viewers consider how to prepare for the mortgage loan process, and how CHFA can help with various loan programs, down payment and/or closing cost assistance, and homebuyer education. Check out our new video to learn how CHFA can help you reach your dreams of homeownership.

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