Since getting a debt consolidation loan has a slightly negative effect on your credit score, you might want to wait for it to get back on track before applying for a mortgage to buy a home. Even a slightly lower credit score may result in a higher interest rate. Your debt consolidation loan payments factor into how much home you can afford. Until your income rises or you pay off the loan, you may not qualify for a home based on your current income. In that case, you may need to hold off on buying a home until the consolidation loan has been paid off.