I am in the process of consolidating my student loans (approx. $45K) and would like to purchase my 1st home soon. Will having student loans be a deterrent to obtaining a mortgage loan? How do lenders view student loans?
Your total debt level, and your debt to income ratios will definitely impact your ability to obtain a loan. However, they are not the only factors.
Credit rating is a major factor in making a loan decision, and if you are able to prove that you can repay those debts, it could benefit you.
Additionally, accumulated equity or have a sizable down payment, that could provide cushion in an LTV (loan-to-value) calculation, could help to get you approved. Also, your income will be a major (possibly the most important factor) as it will determine your DTI (debt-to-income ratio). Most of all, it cannot hurt to apply and see what lenders think of your own situation.
I hope this information helps you Find. Learn & Save.