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Qualifying to Purchase A Home With Student Loans

Qualifying to Purchase A Home With Student Loans

You may have heard that you don’t have to count your deferred student loan payments on your qualifying debt when looking to get pre-approved for a mortgage. In the past this was allowable.  Both FHA & Conventional loans allowed you to eliminate your existing and/or future monthly student loan payments dependent on when the payments came due. Each had their own specific guideline and time-frame of what was acceptable.

As of this last month, August 2015, this is no longer the case.  No matter when your student loans come due, per FHA and Conventional guidelines lenders will be required to count the payment against your existing debt.

It would be advisable to check into either refinancing or consolidating your student loans to get a lower monthly payment.  Make sure to always read the fine print and know exactly what you are refinancing into and/or consolidating terms.

If you have any questions or would like to get pre-approved please contact us.

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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