How do Student Loans Affect A Mortgage Loan Approval?


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

Kentucky First Time Home Buyer Programs for 2017 FHA, VA, KHC, USDA, RHS, Fannie Mae Loans in Kentucky

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.

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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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Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

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