“Student Loan Challenges for Many that Want to Own a Home”

“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.

 

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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

www.righttracfg.com

www.joepetrowsky.com

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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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Comment balloon 24 commentsJoe Petrowsky • December 29 2015 05:49AM

Comments

You have so many creative (and smart) solutions.  It's no wonder you get so many referrals.

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) about 1 year ago

Joe, do you think there will be a student loan bubble bust? Seems to be when not if.

Posted by Scott Pope, You Can't Live Without Water™ (Nautical Properties) about 1 year ago

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

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) about 1 year ago

Joe: Another great example of how you do your best to help consumers qualify to become homeowners. Kudos to you!

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) about 1 year ago

You worked your creative magic again Joe!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 1 year ago

Good morning Joe,

Wishing you and yours a Very Happy New Year!  I know you will have a fabulous 2016!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek & Associates LLC Team) about 1 year ago

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.  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 1 year ago

Thank you for the information about the student loan issues. Please let me know if you get a Pa license. 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 1 year ago

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 !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce - Short Sale (Keller Williams 414-525-0563) about 1 year ago

Well done Joe.  This was really great thinking on your part.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 1 year ago

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.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Nothnagle) about 1 year ago

Good morning Joe. Miracles happen when a loan officer is knowledgeable and willing to go the extra mile! Enjoy your day

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 1 year ago

I read where this amounts to a collective trillion dollars of debt. What a burden to put on young people

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) about 1 year ago

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

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) about 1 year ago

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.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 1 year ago

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.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 1 year ago

Joe, I've certainly had a few client issues regarding student loans. Hopefully 2016 will be a better year...HAPPY NEW YEAR!

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Huntsville AL) about 1 year ago

Hopefully John rises up in his employment to accomodate the payment when he has to start paying it, whatever that amount will adjust to.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) about 1 year ago

You are the champ at getting the tricky ones done, Joe. Nice work. Thanks for sharing this story. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) about 1 year ago

Great work Joe, Happy New Year to you and Gail.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 1 year ago

That sounds thoroughly confusing, Joe. Glad you got it figured out for yur client.

Posted by Hella Mitschke Rothwell, Hawaii & California Real Estate Broker ((808) 226-1095 or (831) 626-4000) about 1 year ago

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.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate) about 1 year ago

Hi Joe - It takes a real pro to figure out this mess.  Fortunately, you are that pro.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 1 year ago

Super!  Joe Petrowsky as others have commented before you you are the expert who knows how to get things done.  

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) about 1 year ago

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