I will be 30 years old come March, and this year I had been unemployed for at least 5 months. Prior I had a steady job working with the Department of Defense for both Army and Air Force as an IT contractor. As a contractor there’s always a catch 22. Either it’s good pay with bad benefits, or decent pay with excellent benefits. However in the midst of things I owe on my student loan that’s about $50,000 that’s through a third party lender; it has been deferred especially during my unemployment state.
Age old question, now employed I’m interested in real estate. Can I purchase a home with my existing student loan debt? If so, can it be consolidated into the loan?
Is it possible? Yes. Is it probable? No.
The only way I see of you being able to accomplish your goal would be for you to purchase a home that is substantially below market price, like by 50% or more. Then you’d have to find a lender that would do a no documentation loan and allow you to take cash out.
In this lending environment I’d say that’s highly unlikely if not totally unrealistic. The only lenders I’ve seen that proclaim to offer something similar are typically scams to feed on guidable people.
I don’t even know of a current lender that would even qualify you for a mortgage based on terminal unemployment payments.
Please post your responses and follow-up messages to me on this in the comments section below.