Stuck with student debt? Find out how a Minnesota home with rental income pays down your student debt
Do you find yourself challenged with the idea of being able to afford and qualify for a dream home?
A growing number of people these days have a mounting debt and feel trapped or stuck with student debt and it’s preventing them from attempting to qualify for a home loan here in Minnesota.
Many were not able to secure high paying jobs that would help accelerate paying down the student debt and instead ended up with lower hourly jobs vs. higher paying salary jobs with benefits.
This has left many with very large student debt balances that aren’t going away in a bankruptcy, so they are left with large monthly payments, or worse yet they are behind and in default on their student loans which now affects their credit.
This huge debt may emotionally feel heavy like it will be around forever, but we would like to have you make an extra $500 a month in rental cash flow to start paying down your student loan faster.
The way you are going to do that is to qualify for a 100% loan through the USDA program or VA program. VA doesn’t like 60+ day late payments and USDA doesn’t like collections that haven’t been paid off.
The first step is to have a game plan on how to get approved for a home loan. Having a payment schedule with the student loans will look better in the lenders eyes.
But a 4-5 bedroom house with an extra bedroom and rent out a room for $500 a month in extra income and use that to pay down your student debt monthly.
It’s a great doable plan if you can focus on getting qualified for a mortgage first.
Let’s go over a couple of details before you contact me:
100% USDA program requires a 550+ credit score:
The program WILL require having NO collections or for you to PAY off your past collections to get approved
(Excluding medical collections).
The USDA program is for living just outside the Twin Cities like:
Buffalo, Big Lake, Monticello, Zimmerman, Delano, Isanti, Cambridge, North Branch, Lidstrom, Annandale, Stacy, North of East Bethel, West of Mound, South of Lakeville.
Also the other program
100% VA Finance 0+ Score Program
(Allow extra time if 60+ day lates in last 12 months)
Do you have DD214 form?
visit the facebook page here:
Remember these are owner occupied terms where you live in the house and rent out a room. This strategy is to pay down debts faster.
It’s a lot easier than driving for lyft or Uber. You could also rent out a couple rooms or basement through Airbnb.
If your credit is really bad or you have a recent bankruptcy, foreclosure or short sale we will need a different plan.
Click the motivated Minnesota contract for deed buyer link on my website to find out more about the programs and message me to discuss options.