Renting-to-own a home presents an alternative route for renters who want to buy but can’t currently qualify for a mortgage. Future buyers have the opportunity to lease a home with the option to buy it before the lease expires.
Many factors are considered when qualifying you for a home loan and student loan debt is one of them. By now, many of you know that lenders look at your income versus your debt when calculating how much you can afford in a mortgage. The result from this calculation is what’s called your “debt-to-income ratio” or DTI. A DTI ratio is comprised of two parts, a front-end ratio and a back-end ratio.