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GET EDUCATED Student Loan calculations in your debt to income ratio

GET EDUCATED Student Loan calculations in your debt to income ratio

Written By (Owner and Broker). Created on 05/10/2015.

 

Just heard from a local lender that starting June 15th, FHA will no longer allow Student Loan payments to not count in our buyer's debt-to-income ratio, if they are deferred for a year from date of closing.  This information is very important if your debt to income ratios are already tight. If you are already preapproved, you may want to have another conversation with your lender and make sure that all is well with your preapproval.

Some other note is if you  could also find a home and get an accepted contract prior to June 15th there may be a window of opportunity to explore. The FHA case number would have to be assigned to the address/loan prior to June 15th as well.  This deferred student loan payment guideline has helped many people purchase homes in the past. Please make sure you are aware that this is going away and as always talk with your lender and get candid and accurate answers for your specific situation.

The Joerling Group

314.808.1712