I’d like to purchase a home and go back to school for my Master’s Degree. Which loan is smarter to get first?

Forum|Forum|7 years ago
February 10, 2019
2 replies
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I need more education to pursue the career I want, but also need somewhere larger to live with two growing boys at home. Last I checked I’d be approved for approximately $185k on a home loan but I don’t know if that would lower if I raise my school loan. Help!!

NCPERSON1

talk to a loan officer at your bank

Bees

Employee

You would probably not qualify for a mortgage if you shown debt for a education loan and they might question your ability to pay if you are going to lose any source of income while you are in school. An education loan might be easier to come by when you are a home owner.

Be realistic about what you can afford whichever way you go.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

NCPERSON1

Bees - again best to inquire with a professional (banker) ... the answer is highly dependent on the income opportunity that comes with the degree

There is ‘no way’ to opine on the outcome without specific knowledge of the income potential, assets size of mortgage requested, other debts. Down payment, etc. of the person asking the question.

This is why I suggested the requester talk to a bank so all can understand more and they can create the level of realism that this forum can’t create

Bees

Employee

NCperson Let's just close down the internet then...nothing to see here.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.