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The Mortgage Mashup Blog
|Posted on 22 June, 2016 at 17:25|
The new FHA guidelines has some good and bad things to the program. Regarding student loans, no longer is the payment assumed to be at 2% of the loan amount of loans that are in deferrment. So on a student loan of $40,000, that is presently in deferrment, you would have to qualify at an $800.00 monthly payment. Kind of tough. Now its been dropped to $400.00 The bad news is, often times, you are able to qualify for an income based repayment plan (IBR) which would be drastically less expensive. Had a client recently on a $70,000 loan in which the IBR plan was at $125.00 . Unfortunately, that will not be allowed and would have to use the 1% dollar amount, unless a concrete dollar amount is already set in place.
So, some good and some bad.
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Categories: Programs and Guidelines