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If the lender determines that the existing debt (prior to the home loan) is too high, you may still qualify for a smaller home loan. So, if you have your heart set on a specific home and don't have additional down payment money to lower your loan amount, it is to your benefit to pay off as much debt as possible before applying for a home loan. Compliance to Repay Your ambition to repay is another big issue in procuring a home loan. Your credit report is one way that lenders can ascertain the likelihood you will pay your loans back on schedule. The purpose of a credit report is to inform lenders whether or not you have paid past debts fairly and on schedule.