Written by: Lloyd Rutherford, Staff Writer Student loans is the number one search item on the Mortgage Currentcy website. We suspect that with COVID-related Forbearance issues, this topic will become even more important. Fannie Mae has done an excellent job reviewing student loan scenarios and how to count the debt. This article is a must […]
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Question: When can a client purchase or refinance if their loan is in forbearance? Answer: Following are the requirements for forbearance. There are two possibilities here : Under the agencies’ temporary eligibility guidelines, homeowners who missed payments and entered into a loss mitigation solution– such as a repayment plan, payment deferral, or loan modification –are […]
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Updated Chart on 5/9/2018 – Student Loan Chart/Checklist- FHA/VA/USDA/Conventional Comparison Answer: Both agencies require 1% for deferred student loans. See excerpts from selling guides below for both Fannie Mae and Freddie Mac. Also, we have a very useful and handy chart on the website for Student Loan repayment requirements for all agencies, including FHA/VA and […]
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