Qualifying for a mortgage in Boston with a history of student loan debt is possible, but it can impact your eligibility and borrowing capacity. Lenders consider various factors when determining mortgage approval, including debt-to-income ratio, credit score, and employment stability.

Having student loan debt doesn't automatically disqualify you from getting a mortgage. Lenders will assess your ability to manage both your student loan payments and the additional mortgage payment. They will consider your debt-to-income ratio, which is the percentage of your monthly income that goes towards debt payments.

For example, if your monthly income is $5,000 and your student loan payment is $500, your debt-to-income ratio would be 10%. Lenders typically prefer a debt-to-income ratio below 43% for mortgage approval, including all debts such as credit cards, car loans, and student loans.

Additionally, your credit score plays a crucial role in mortgage approval. Lenders evaluate your creditworthiness based on your credit history and score. While student loan debt alone may not significantly impact your credit score, it's essential to make timely payments and maintain a good credit history overall.

It's worth noting that lenders may also consider your employment stability. A steady income and employment history can strengthen your mortgage application, even with student loan debt.

Ultimately, each lender has its own criteria, so it's advisable to consult with multiple lenders to understand their specific requirements and options. They can provide personalized guidance based on your financial situation.

References:

• Consumer Financial Protection Bureau - How do student loans affect your credit score?
• Consumer Financial Protection Bureau - What is a debt-to-income ratio? Why is the 43% debt-to-income ratio important?