Gustan Cho Associates's video: FHA guidelines on student loans 2021

1. FHA DTI Guidelines for Student Loans * Student loan debts that are not deferred are classified as an installment loan under the HUD: - The Federal Housing Administration will calculate the actual monthly payment of the borrower's debt on the borrower's student loan - Scenarios of this type also take into account the exact month of student loan repayment in the event of a student debt repayment obligation in accordance with IBR - Income-based repayment plan, which in many cases may include an actual monthly student loan payment of $ zero per month - HUD does not allow IBR payments * Fannie Mae and Freddie Mac authorize the use of IBR payments, which they report at all three credit bureaus for conventional loans. 2. Importance of Cairvrs and Government Loans Government student loans are an exception to debt collection and overdue bills. Any outstanding federal government student loan debt is non-recoverable, and if it is past due, the outstanding amount must be current. The borrower must be in good standing to be eligible for an FHA loan or any other government loan such as VA loans and USDA loans. It doesn't matter how high the borrowers' credit scores are, or whether all other payments to other creditors are up-to-date. The federal government does not want you to have any government backed and / or recovered student loans to qualify for FHA loans. This also applies to any other government loan program. Read more https://gustancho.com/fha-guidelines-on-student-loans * You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for a faster response. Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays. * CHECK IF YOU QUALIFY: www.gustancho.com/fast-quote ***** Follow me ***** on Social Media 1. https://www.facebook.com/TheGustanChoTeam/ 2. https://www.facebook.com/alexcarlucciMortgage/ 3. https://www.instagram.com/gustanchoas... Be sure to subscribe for more: https://www.youtube.com/c/GustanChoAssociates ALEX CARLUCCI - SVP Mortgage Banker, NMLS # 229891 ALEX STATE LICENSES: - Alabama - Colorado - 100511536 - Florida - LO40799 - Illinois - 031.0026265 - Indiana - 38913 - Michigan - 229891 - Mississippi - Pennsylvania - 72654 - Tennessee - 200345 COMPANY ALL-STATE LICENSES: - Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, Tennessee, Texas , Ohio All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Copyright © 2021 - Gustan Cho Associates NMLS 873293, DBA of Loan Cabin Inc. NMLS 165732 Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148