Income - Driven College Repayment Loan

[Wane Zaza]

So I'm saving every penny reading educating daily to get to where I need to get to buy my first house hack. Only thing is I have near 100K in federal college loans at 6% intetest rate.

About 18 months ago I joined income driven repayment on my college loans and made the payments $0 per month. As I get closer and closer to that coveted first 25k (thanks for the book Scott Trench) i started thinking if I would even qualify for a FHA loan or down the road for a conventional loan.

Then all of a sudden last night I read a few blogs basically in summary that said because my payment is $0 a month I WOULD be able to qualify for a conventional mortgage let alone an FHA one - thanks to Fannie Mae's new update to this in 2017. So then I looked at how long I could be at $0 per month.

The Fed site says 20-25 years a person could be on the income driven repayment plan.

My question is does anyone have any experience with this? Heavy college loans and qualifying for a house hack? Any insight would be superb! Also the plan is definitely to use an FHA loan for at least the first two house hacks.

[Jeremy Taggart]

@Wane Zaza just an FYI you can only have one FHA loan at a time. Would have to go conventional going forward unless you refinanced the first FHA loan. and as for keeping the payment at $0/month if you can get better than a 6% return on real estate than it would probably make sense to buy real estate instead of paying off the loans immediately. I would probably try to start paying on them though after getting your first one or two properties so that they don't become a hassle down the road and interfere with anything once the payments would go up.