Here’s a tip for those of you with deferred student loans trying to get an FHA loan…
If your student loans are deferred, and there’s no payment listed on your credit report it’s a good idea to contact your loan servicer and find out what your payments would be if you started making payments today.
Get something in writing from them indicating the payment amount.
The reason this is a good idea is that if there is no payment listed for your student loans on your credit report, we have to use a payment number equal to 2% of the aggregate balance of your student loans.
In reality your actual payments would be less than 2% of the balance, so it’s a good idea to be able to show the lower payment.
This is new to FHA loans. The rule used to be if you could prove deferment for 12 months we didn’t have to count any payment. …now we do.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett