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FHA Changes to Student Loan Payments

FHA Changes to Student Loan Payments

Rebecca Squyres

June 21, 2021

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Good news! FHA has recently made changes that may allow prospective buyers with student loans more flexibility. HUD has announced that they will reduce the student loan payment required to include in the DTI to .5% when there is no payment listed on the credit bureau. Previously it was 1%. This may nearly double their buying power!

This will be required for all cases assigned on or after August 16, 2021. However, you may begin to use this immediately!

If you have had a client denied in the past due to Student Loan Debt, give us a call today to explore options!

View our Student Loan Comparison Guide to see the recent change and requirement for other products.

Full Mortgagee Letter available here:
https://www.hud.gov/sites/dfiles/OCHCO/documents/2021-13hsgml.pdf

Tags: FHA, Student Loan

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We are one of the fastest growing mortgage companies in the United States offering great mortgage financial solutions. Headquartered in Baton Rouge, Louisiana, GMFS originates residential mortgage loans, primarily in the southern states. Founded in 1999, GMFS has approximately 250 employees. more about GMFS

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