I hope you had a good weekend!
Mortgage update:
FHA has made changes to the way an underwriter calculates payments on deferred student loans.
The old way instructed the underwriter to use 2% of the aggregate balance of deferred student loans. This alone killed alot of loans because it ballooned debt to income ratios.
The new way (starting with case numbers on or after June 30, 2016) the underwriter will use 1% of the aggregate balance of deferred student loans.
This is better for borrowers, and will result in more people that can get an FHA loan.
I hope you have a great day! Thanks for reading!
Brett