“Student Loan Challenges for Many that Want to Own a Home”
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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.
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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
Email: joe@righttracfg.com
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.
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You have so many creative (and smart) solutions. It's no wonder you get so many referrals.
Joe, do you think there will be a student loan bubble bust? Seems to be when not if.
Good morning Joe. If anyone can figure it out and get the system to work in their clients favor it is you sir. Happy New Year
Joe: Another great example of how you do your best to help consumers qualify to become homeowners. Kudos to you!
You worked your creative magic again Joe!
Good morning Joe,
Wishing you and yours a Very Happy New Year! I know you will have a fabulous 2016!
Good Morning and Happy New Year, Joe -- creative and competent solutions are often necessary in order to be successful. You prove you have the knowledge and talent to make it happen in the world of mortgages.
Thank you for the information about the student loan issues. Please let me know if you get a Pa license.
Knowing the right lan officer to get to home ownership with debt of this kinds is a good thing....we have a couple we are meeting Tuesday....a healthy six figues in student loan and a plan....and as soon as their lease is up....in a cuuple months...a new house !
Well done Joe. This was really great thinking on your part.
Good morning Joe,
Would have to find the article but somewhere they were talking about student loan forgiveness program in good old New York!
Make yourself a great day.
Good morning Joe. Miracles happen when a loan officer is knowledgeable and willing to go the extra mile! Enjoy your day
I read where this amounts to a collective trillion dollars of debt. What a burden to put on young people
Good morning Joe Petrowsky
I will come back tomorrow to really read your post.
Today, I want to wish you and yours a very Happy New Year.
Bill Roberts
Thank you, Joe, for sharing this story. It is good to know that solutions like this can help many families qualify for mortgage financing.
Best wishes to you and your family for a Very Happy New Year!
Enjoy the holiday weekend.
Joe the recent changes to how student loans are calculated into the DTI has resulted in many not qualifying, and for us to work harder at getting those payments lower more than ever before.
Joe, I've certainly had a few client issues regarding student loans. Hopefully 2016 will be a better year...HAPPY NEW YEAR!
Hopefully John rises up in his employment to accomodate the payment when he has to start paying it, whatever that amount will adjust to.
You are the champ at getting the tricky ones done, Joe. Nice work. Thanks for sharing this story.
Great work Joe, Happy New Year to you and Gail.
That sounds thoroughly confusing, Joe. Glad you got it figured out for yur client.
Joe, it will continue to be such a struggle for many with student loan payments...you made a difference here but many do struggle with how to manage it and buy a home.
Hi Joe - It takes a real pro to figure out this mess. Fortunately, you are that pro.
Super! Joe Petrowsky as others have commented before you you are the expert who knows how to get things done.