Tag: Student Loans

Resolving a CAIVRS Alert on Student Loan Debt

Question: Our client’s CAIVRS report shows a defaulted student loan.  What is the solution to bring this loan out of default in order to qualify for an FHA loan? NEW MC Chart – What You Need to Know about CAIVRS Alerts Answer: A delinquent federal student loan, whether or not it is showing up on […]

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Fannie Mae – Student Loan Debt Requirements – Scenarios and FAQs – September 2020

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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Calculating a Student Loan Payment for Graduated Payments

Question: My client’s student loan repayment plan is graduated payments that start lower and get higher every couple of years until the loan is fully amortized.  How do I count a payment for this scenario?  MC Chart – Student Loan Repayment Answer: The current graduated payment amount does not fully amortize the loan if it […]

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Calculating the Student Loan Payment When Interest Rates Are Temporarily Reduced

Question: My client’s student loan is deferred with a $0 payment.  I requested a letter from the student loan carrier regarding the amortized payment and it came back with 0% interest due because of the virus.  Will FHA accept that temporary interest rate? Answer: There is no specific guidance from FHA regarding temporary interest rates, […]

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Calculating the Student Loan Payment for the Revised Pay as You Earn Plan [REPAYE]

Question: If a borrower is under the REPAYE program, what payment do we count and how do we document that since it must be re-certified each year? MC Chart – Student Loans – All Agency Guidance Answer: Because the loan payment under the REPAYE will not fully amortize the loan, so the payment that must […]

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