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Updated almost 8 years ago on . Most recent reply

Bill Regan's profile image
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Bill Regan
  • Investor
  • from Clearwater, Florida
  • Member since Aug 29, 2015
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Bill Regan's profile image
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Bill Regan
  • Investor
  • from Clearwater, Florida
  • Member since Aug 29, 2015
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Bill Regan
  • Investor
  • Clearwater, FL
76
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160
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Personal Finance

Pay off Student Loan prior to Mortgage app?

Bill Regan
  • Investor
  • Clearwater, FL
Posted

Hi. I've got about $3,000 left to go on my student loan, with a payment of $156/month. I'm going to be applying for an FHA mortgage in July. Only other debt is a car loan of $200/month, credit over 750.

Wondering if its better to show more cash on hand, or to pay the loan off and reduce monthly debt amount?

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Jaquetta T Ragland's profile image
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Jaquetta T Ragland
  • Real Estate Agent
  • from Winston Salem, North Carolina
  • Member since Mar 19, 2014
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Jaquetta T Ragland's profile image
Jaquetta T Ragland's profile image
Jaquetta T Ragland
  • Real Estate Agent
  • from Winston Salem, North Carolina
  • Member since Mar 19, 2014
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Jaquetta T Ragland
  • Real Estate Agent
  • Winston Salem, NC
303
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Jaquetta T Ragland
  • Real Estate Agent
  • Winston Salem, NC
Replied

If you are able to pay off the student loan, it may be a good idea to do so since it may help you qualify for more money for your new home.

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