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 Arizona, California and Hawaii
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