Consolidating student loan with buying a home

Now, if you are unsure whether your student loan interest rates are high, check out Credible’s handy tool to compare your rate.

If you have low-interest loans already, consider putting that money down for a house.

First and foremost, avoid delinquency at all cost because it will affect your credit score.

Delinquencies are determined differently for federal and private student loans; federal loans usually have a 60-day grace period of no payment while private loans can be declared delinquent after only one missed payment.

Down Payment Resource tracks about 2,300 assistance programs offered by housing finance agencies, and estimates that 87 percent of U. The program is not restricted to first-time homebuyers, but borrower income cannot exceed ,088 and the home purchase price cannot exceed 6,352 In 17 targeted municipalities hit hard by foreclosures, the “Pathway to Purchase” (P2P) program provides down payment assistance equal to 10 percent of the purchase price (up to ,000) in the form of a five-year forgivable loan.

The P2P program is available in Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, and Yuma.

Just like your student loans, make sure that you believe you can make your monthly payments long term.

If you need financial assistance: There are some tips and tricks for graduates who hope to buy a house regardless of the amount of debt you carry.

The definition of “first-time homebuyer” is typically anyone who hasn’t owned a home in the last three years.

This is also how lenders/banks calculate your ability to pay off a new loan.

It is determined by adding up your total monthly debt (including the projected mortgage payment) and then dividing by your total monthly income.

Note that Az HFA stopped issuing Mortgage Credit Certificates in July, 2014.

The California Housing Finance Agency’s “My Home” assistance program provides down payment and closing cost assistance to first-time homebuyers in the form of a deferred-payment second mortgage equal to up to 5 percent of a home’s purchase price.

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