Effective for loans closing on or after August 1, 2015, the minimum monthly payment amount that must be included in the debt-to-income ratio (“DTI”) calculation for deferred student loans will decrease from 2% to 1% of the outstanding balance.
What does this really mean when you have Student Debt and you want a mortgage ? Your buying power just increase a slight amount. You will be able to have a slightly larger house payment even with your student debt.
Having a someone take a look at all your options 3-6 months before your ready to buy is the best way to know if your Studnet debt is going to make your dream home out of reach. Make sure you have a consultation with someone who ensure they are educated with the updates and programs for loans. Working with a FULL TIME committed lender and Realtor can ensure your getting the best representation possible.
Keller Williams Realtor
One Columbus Center Suite 1100
Virginia Beach VA, 23462