Home And Garden Articles

Student Financial Advisors Announces Help for First Time Home Buyers with Student Loans

Fort Laudersale, FL (PRWeb) February 19, 2007 -- Student loan debt can have a negative effect on a home buyers debt to income ratio. Student Financial Advisors announces the opening of its first time home buyers assistance program.

There is no doubt that while a college education is beneficial in that it offers a distinct advantage in the competitive job market it may create a burden for your financial future.

Students to college, get good grades, get a good job and then they want to buy a house... problem is, they have student loans hanging over their heads and they are playing havoc with their debt to income ratio.

The debt to income ratio is the percentage of a consumer's monthly gross income that goes toward paying debts. It is usually expressed as two numbers. The first number indicates the percentage of income that goes toward paying off a mortgage principal and interest, mortgage insurance, hazard insurance, property taxes, and homeowner's association dues. The second number indicates the percentage of income that goes toward paying all recurring debts, including those covered by the first number, and other debts such as credit card payments, car loan payments, and child support payments. Most lenders require a debt-to-income ratio of 28/36 to qualify for a mortgage.

So even though a person may have great credit and a good job they still may have a problem securing a mortgage because of their debt to income ratio. The good news is Student Financial Advisors new first time home buyers assistance program works to reduce monthly student loan payment while keeping in mind the purchase of the new home. Federal student loan consolidation with Student Financial Advisors can cut your payments by up to 60% and we suggest that the student put their loans in to forebearance to get the debt to income ratio in the black, payments can always be deferred for the first few years.

"Student loan consolidation is a smart financial strategy," says Peter Charles marketing director at SFA, "and it is easy to qualify for Federal Student Loan Consolidation Program at Student Financial Advisors. All a student or parent needs to qualify is a total of at least $10,500 that includes at least two federal student loans. Consolidation helps borrowers manage their loans by lowering monthly payments up to 60 percent and eliminating multiple check writing. For graduates that are still in their grace period Student Financial Advisors will reduce their interest rate by 1.85%. The program does not require credit checks or co-signers and is a great way to make student loans more manageable.

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