First-time buyer, home loan, Kentucky, Kentucky Housing Corporation, Kentucky-Louisville, KHC’s (Kentucky Housing ) First Mortgage Government, Louisville Kentucky First Time Home Buyer, Mortgage loan, STUDENT LOANS, USDA, VA loan, Zero down home loans
As more people go back to school to further their education, this usually involved for some people student loans to finance their post-secondary high school education. Below I did a summary for the different types of loans, FHA, VA, USDA, Fannie Mae and how each loan program effects the borrower and their status of getting a loan approval. Bottom line is this: They have made it tougher to qualify for a Kentucky Mortgage Loan.
KENTUCKY FHA MORTGAGE LOAN RULES FOR STUDENT LOANS:
Student Loans: Calculation of Monthly Obligation Regardless of the payment status(including Deferred), the Mortgagee must use either the greater of:
- 1 percent of the outstanding balance on the loan; or
- the monthly payment reported on the Borrower’s credit report; or
The actual documented payment, provided the payment will fully amortize the loan over its term.
KENTUCKY FANNIE MAE OR CONVENTIONAL LOAN GUIDELINES FOR STUDENT LOANS
For all student loans, regardless of the payment…
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