Buying a house while also having student loans just got a LOT easier
Buying a House While Having Student Loans just got a LOT easier!
I have exciting news for those of you out there that have student loans and you’re looking to buy a home.
The requirements for what we have to use for a payment for you to qualify for that home loan have been reduced here this summer on FHA loans specifically. An FHA loan, if you’re not familiar with that term is a very common home-buyer loan, especially for first time home buyers, and those requirements were eased, so what that means is we don’t have to use as high of a payment for you to qualify for the home loan.
Previously, we had to use 1% of the outstanding balance on your home loans as the payment for qualifying, even though that probably wasn’t your payment, I don’t think I’ve ever seen a payment in reality that that’s high and probably never will be that high. But regardless, that’s what we’ve had to use up until now. So that made it hard for a lot of people to qualify for a home loan, or maybe they couldn’t qualify for quite as much home as they wanted to buy.
So with this easing of this requirement, it’s reducing that monthly payment that we’re counting for your student loans, which will enable you to buy more home or to qualify if you didn’t previously qualify. So if you were having a hard time qualifying for a home loan, or want to re-look at how much you can qualify for, give me a call. We can reanalyze or analyze your situation, see what those calculations look like, and see how much home you can qualify for. So call me, text me, or email me, I’d be happy to look at your scenario or answer any other home loan related questions, and I appreciate you guys watching.
