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New FHA Guidelines Make It Easier To Qualify For A Mortgage
Hey there,
It's Ron Siegel again. If you're looking to buy your first home, I have some good news. The FHA (Federal Housing Administration) recently updated its rules, which could make it easier for you to qualify for a mortgage.
Before, when you applied for an FHA mortgage, they used to consider 1% of your total student loan debt when calculating your Debt-to-Income ratio (DTI). This is important because your DTI can influence your approval for a mortgage.
But, starting from June 19th, things have changed. Now, the FHA considers your monthly student loan payment amount instead of 1% of the total debt. This could significantly improve your chances of getting a mortgage.
What if your monthly student loan payment is $0, or your loans are in forbearance/default? The FHA uses .5% of your total student loan debt when calculating your DTI.
The new FHA guidelines can benefit you in two ways: it makes it easier to qualify for a mortgage, and FHA loans allow for lower credit scores and down payment amounts.
For a more detailed explanation, check out the video above. This is an excellent opportunity for first-time homebuyers like you. So, make sure to take advantage of this!
It's Ron Siegel again. If you're looking to buy your first home, I have some good news. The FHA (Federal Housing Administration) recently updated its rules, which could make it easier for you to qualify for a mortgage.
Before, when you applied for an FHA mortgage, they used to consider 1% of your total student loan debt when calculating your Debt-to-Income ratio (DTI). This is important because your DTI can influence your approval for a mortgage.
But, starting from June 19th, things have changed. Now, the FHA considers your monthly student loan payment amount instead of 1% of the total debt. This could significantly improve your chances of getting a mortgage.
What if your monthly student loan payment is $0, or your loans are in forbearance/default? The FHA uses .5% of your total student loan debt when calculating your DTI.
The new FHA guidelines can benefit you in two ways: it makes it easier to qualify for a mortgage, and FHA loans allow for lower credit scores and down payment amounts.
For a more detailed explanation, check out the video above. This is an excellent opportunity for first-time homebuyers like you. So, make sure to take advantage of this!