Category: Student Loans

MEDICAL SCHOOL STUDENT LOAN DEBT

Student loan debt coming out of medical school could take many years to payoff. Lenders recognize this fact. Lenders know it may take several years for medical professionals to reach their full earnings potential. If you just completed a residency program or a medical clinical fellowship program, and your student loans are in deferment or forbearance, lenders may exclude your student loan payment in the debt-to-income ratio, thereby allowing you to qualify for a higher priced home. Contact us and we can help you figure out what you can qualify for. We offer a variety of products and services, ask...

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THE FHA STUDENT DEBT CRITERIA

  The FHA  changed the way student debt is assessed and calculated for new homebuyers.   Below are some  lender criteria for student loans: The lender must use the actual payment amount for the student loan or The monthly student loan payment reported on the credit report, or A half percent (.5%) of the student loan balance if the reported payment is zero   If you are a new homebuyer contact Counsel Mortgage Group. We offer a variety of products and services, ask us how we can assist you today. We work for you, not the lender.   Counsel Mortgage Group®, LLC Licensed in...

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GRADUATES FINANCING HOME LOANS

  Are you a soon to be college graduate considering financing a home loan? Student loan payments were deferred during the onset of the pandemic and you may not have had a monthly payment. Nonetheless,  lenders will calculate a payment to qualify you for the loan, when applying.

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