Our industry was pleasantly surprised to see FHA change their stance on deferred student loans. This rule change will allow many borrowers that have student loans to now qualify or qualify for more.
In the past FHA has made us use 1% of the loan balance as an estimated monthly payment for qualification purposes.
They have decreased that to .5%
It does not seem like much but on average it will be around $40k in borrowing power.
Check out this episode to learn more.
Find this episode and more, even video format at the links below
Thank you for watching and listening!
Born and raised in Southwest Florida, I have been in the Mortgage business since 2001 I'm a grizzly, battle tested mortgage veteran. I am also the Host of Rates & Reels, which is the most popular fishing show in Southwest Florida, hosted by a guy named Tim. In my spare time I love spending time with my family, coaching baseball, and anything else my kids or wife want me to do. I would be happy to help you or someone you know with any of your Mortgage needs.
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