Denied Pre-Approval because of Student Loans

[Simon Obas]

I decided to jump into the real-estate and recently got denied the pre-approval letter because of student loans despite good credit and strong income. I’m in complete shock and didn’t know student loans would prevent me from getting a mortgage...any advice is greatly appreciated. Sincerely, the new guy.

[Account Closed]

Originally posted by @Simon Obas:

I decided to jump into the real-estate and recently got denied the pre-approval letter because of student loans despite good credit and strong income. I’m in complete shock and didn’t know student loans would prevent me from getting a mortgage...any advice is greatly appreciated. Sincerely, the new guy.

 You may think you have a great income but the bank thinks your debts are greater. They want to be paid back. You've run into a Debt to Income issue most likely.

Depending where you are located, what you want to accomplish and how involved you will be in real estate there are different answers. One answer is buying using creative financing. Look up the terms "Subject To", Wrap, Land Contract, Lease Option, Owner Financing in the little magnifying glass search tool at the top right of the page. You will find lots and lots of ways to buy properties. And there are other ways as well.