First I want to say how awesome this community is for homebuyers. I couldn’t have done my first two purchases without the forums here.
Anyways, I am currently considering law school which is likely to accrue a great amount student debt. I am done with the business world and am dropping out. After law school I am assuming I will need (and want) to move. I am currious as to how my large student loan debt will affect my DTI when applying for a new home mortgage when I move. I will likely be moving somewhere very rural so I am guessing homes to be around $ 300,000 for what we want. Currently live in a Seattle suburb so that is very low .
Situation will likely look this,
I will have 20%+ down.
Student Loan Payment (Total: $ 160,000): $ 416 (IBR), $ 2,043 (10 yr. standard), $ 1,243.00 (25 yr. standard).
My income should be around $ 106,000+ after a few years (there is a wage schedule) plus my wife makes $ 70,000 right now, but she may downsize her work.
Perfect Credit (high 700s, no adverse, zero balances across cards).