 TITLE: How Does Student Loan Debt Affect Buying a Home? CONTENT: Other Factors for Getting Approved for a Mortgage\n-------------------------------------------------\nYour DTI and credit scores aren't the only factors lenders consider when approving your mortgage application. To help compensate for less-than-ideal numbers, you can:\n*   **Make a higher down payment**. Although 20% is generally considered the ideal down payment amount, in 2018, the median down payment for all home buyers was 13%, and for new home buyers, it was 7%, NAR reports. Have your parents or other family members offered to give you money to use for your down payment? Take them up on it. Keep in mind that your lender may set limits on the percentage of the down payment that can be gifted; they will also require documentation, such as a gift letter, to prove that the money is a gift rather than a loan.\n*   **Use a first-time homebuyer program**. U.S. Federal Housing Administration (FHA) home loans, Veterans Administration loans, U.S. Department of Agriculture home loans and Fannie Mae HomeReady loans are among the mortgage loan programs designed specifically to help first-time buyers buy homes with low down payments and less-than-stellar credit scores. Learn more about mortgage programs for first-time home buyers.\nTo the mortgage lender, it all boils down to this: Do you have enough income to manage all of your monthly payments without getting in over your head? When you're eager to own your own home, it can be difficult to remember that mortgage lenders ultimately have your best interests in mind. By taking time to increase your income, lower your DTI and improve your credit scores, you'll learn the skills you need to responsibly manage a monthly mortgage payment. END