STUDENT LOANS

[Taliah Brown]

Hello Everyone!

I am interested in purchasing my first rental property by the end of the year.  I have a decent credit score (700 or so) but I have about 180k in student loans that are in deferment ( I have two masters degrees).  I am just recently switch careers to a totally new industry so my salary is pretty low (35k). 

My questions are:

- Should I leave my student loans in deferment and continue to save for a down payment for my first property or should I start paying my student loans?  I know student loan payments are factored in when being considered for a mortgage so I don't know if making payments will look better to lenders.

- Will I have a hard time qualifying for a loan with my student loan debt being so high and my income being so low?  I am pretty much in an apprenticeship program right now so once I am done and get a full time job my salary will increase significantly but that won't be for another year (2016) and I am looking to get a rental property by the end of the year.

[Dan Mackin]

That sure is a lot of debt.  There are a few things I can think of to get the ability to purchase a first home.

1. Find someone who is willing to partner with you

2. Get married (Sure helped my income ratio even though my wife came in with 70k in loans.)

3. Just wait it out and get that income up

4. Find a seller who will finance

Student loans can be the death of financing for lots of people, but it's just a part of life for so many now.