“Student Loan Challenges for Many that Want to Own a Home”
Thank you for getting John’s mortgage approved, still not sure how you overcame the student loan issue, but no matter, we’re closing.
I have been working with another Buyer with a student loan issue, she cannot be approved anywhere, I’m going to refer her as well?
Student loans and new guidelines continue to cause many to NOT to be able to qualify. I recently wrote a post about the challenges that we were having with John’s mortgage application. With the recent changes to regulations that required a 2% monthly payment for any outstanding student loans even for the co-signer and even though current loans are deferred until 9/17.
We were able to get the student loan company to fix a payment now and the payment went from $2360 to $1001 and as a result the debt ratio worked just fine. This structure can be changed by the student at any time going forward. The loan can be deferred again or go into an adjustable payment which would be much lower than the $1001 payment that they had to choose in order for the father to qualify for the new mortgage.
It is a screwy system and I have to get creative to work around the current system.
Image courtesy of stuartmiles/freedigitalphotos.net
Subscribe to my blog via Email:
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.