USDA recently updated their student loan payment requirements. Previously lenders needed to use 1% of the loan balance. NOW, it has been reduced to the higher of .50% of the loan balance OR the actual payment that is reflected on the credit report!
Related Article Title: USDA – Student Loan Repayment Calculation for USDA Rural Development SFH Guaranteed Loans – Effective September 23, 2019 Written by: David Hail, Staff Writer Calculating the correct student loan payment for a mortgage applicant can be a moving target depending on the guidelines. With this update, USDA makes a huge change in [...]