student loans: The Truth about how Student Loans can affect you getting a Mortgage - 06/24/16 02:12 AM
When getting a mortgage many items are taken into account. These items includes your income, credit scores, assets, expenses, etc. One major expense can be if you have student loans. How mortgages address student loans is different than how we think of them. Such as, if your payments are deferred we take that as we do not have student loan payments. But for a mortgage they consider what the future student loan payment will be. And they address what that payment would be from a worse case stand point. Here is how your student loans are addressed when getting one of … (7 comments)

student loans: You Can No Longer Ignore Deferred Student Loan Payments for FHA loans - 09/10/15 09:49 AM
HUD has come out and changed some of their rules for FHA loans. The biggest one being you now have to count deferred loan payments in the borrowers(buyers) debt to income ratio. Vs before you could ignore that payment if it was deferred for over 12mths. This is obviously not good news as it would now reduce some buyers ability to buy homes or buy as much home. This change along with a few others goes into affect for all FHA loans officially started on and after 9/14/2015. Specifically the FHA loan is officially started when a case number is ordered … (1 comments)

student loans: Graduate from Renter to Buyer Despite Student Loans - 03/19/13 01:17 AM
This is the original article “Graduate from Renter to Buyer Despite Student Loans”.  It is a great article that gives some insight to student loans and how they can affect your mortgage.  And check out that Dave Your Mortgage Guy was quoted in the article. 
Graduate from renter to buyer despite student loans
Debt is always a factor in whether you can qualify for a home loan. But whether student loans, in particular, present any special concerns is a matter of opinion.
An August 2012 study, "Denied? The Impact of Student Debt on the Ability to Buy a House," found … (0 comments)

student loans: What Makes Up Your Debt to Income Ratio, For Your Mortgage? - 01/28/13 11:02 PM
When getting a mortgage your debt to income ratio is a major deciding factor on whether you get approved and for how much.  Your debt to income ratio is a calculation of your debts divided by your gross income(before taxes).  But there is more to your debt to income ratio, then just the calculation.  There is a couple major factors that go into qualifying your debt to income ratio(aka DR ratio).  Here is a list of the major items that make up your Debt to Income Ratio for your Mortgage:
 
1.      Bills- When calculating your debt to income ratio, your … (3 comments)

student loans: Deferred Student Loans and Your Mortgage, what you need to know! FHA, VA, Conventional Loans - 05/01/12 02:34 AM
When getting pre-approved for a mortgage it is important to know how deferred student loans are addressed.  Of course student loans are not a bad thing.  And if you are making payments on your student loans, that payment amount is taken into account.  But this article is about deferred student loans.  Here is how the 3 major mortgage loan types address deferred student loans:
 
1.      FHA Loan- If you have a deferred student loan, it must be deferred for 12mths or the future payment will be taken into account as a bill.  This means that the future payment is counted … (2 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending) Rainmaker large

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

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