Tag: Student Loan

Student Loan Payment Calculation of Monthly Obligation, FHA Mortgage Letter 2021-13 – Dated June 17, 2021, May be implemented immediately, but must be implemented for mortgages with case numbers assigned on or after August 16, 2021.

Written by: Tracey Rumsey, Staff Writer FHA issued a game changer with this update!  Be sure to read through this article about how they changed student loan payment calculations. Rule Synopsis: NEW Chart Added to Mortgage Currentcy – Student Loan Payments – Calculation Examples – All Agency Comparison Effective dates May be implemented immediately but […]

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Federal Student Loan Debt in Collection

Question: If a client has a Federal Student loan in collection, are there any FHA or conventional options? Mortgage Currentcy – Collections & Judgments Chart – All Agencies Answer: Fannie Mae Says: For conventional loans there is no difference on where the collection account originated from (personal credit, federal credit and so on).  A collection […]

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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 the way lenders are instructed to calculate a student loan payment for a client. Rule Synopsis: On September 23, 2019 USDA […]

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