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Originally Posted by neatdesign
I hope this doesn't seem like a stupid question, but I'd like to know how people who are in debt can become homeowners. By "in debt" I mean significantly in debt, not just $1000 or something. I mean thousands of dollars in debt, either due to student loans, car loans and/or credit card debt.
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When we bought our house, I had about 100K in student loans and DW still had a year or so left on her car loan. We had no CC debt (never have, never will). We were earning about 85K as I recall. We had no trouble getting a mortgage as we both had excellent credit scores. We were prequalified for about 50K more than we ultimately borrowed. We did put down 20%.