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Updated over 2 years ago,
DTI is too high to qualify
I am curious as to how I can qualify to borrow money to purchase a multi-family property. I have over $100k in student loan debt. I have no credit card debt and no other debt except my student loans. I make roughly $53k/year and have $50k saved up to find a property. I have a 780 credit score as well. It doesn't make sense to pay off my student loans since I will still have a significant amount to pay off. I wanted to house hack but it looks like I won't qualify for an FHA type of mortgage. I was hoping I could possibly use the potential leases toward my income to help me qualify but am unsure as I am still learning.
I was wondering if others have overcome their student loans to still be able to purchase properties? I was considering a hard money loan as well. Thanks for the help.