FHA Student Loan Deferment Guidelines 2016

FHA Student Loan Deferment Guidelines 2016

Student loans that are deferred must be deferred for over one year not to be included in your debt-to-income ratio. Documentation of deferment will be required.

If your student loan deferment can not be documented that it will continue for 1 year. Then the monthly payments must be included in your debt-to-income ratio.

FHA student loan deferment guidelines 2016

A student loan scheduled to begin or come due within 12 months of the mortgage loan closing must be included in the monthly obligations for qualifying.

Collection accounts

FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

• If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

Do medical collections need to be paid for an FHA loan?

No. Medical collections do not need to be paid for an FHA loan approval. FHA does not take medical collections into consideration. FHA does not require medical collection accounts to be paid off as a condition of mortgage approval and does not include them in the borrower’s debt-to-income ratio.

Minimum Credit Score

FHA minimum credit score is 500.

New FHA policy requires a minimum credit of 500 to buy a home or refinance. In the old days FHA did not require a minimum score. These changes went in to effect in 2010.

To buy a home or refinance you will need a minimum credit score of 500.

Borrowers with credit score above 580 require a 3.5% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed. By allowing the seller to pay for your closing cost you will decrease the amount of out of pocket cash required to buy a home.

FHA minimum credit score is 500. New FHA policy requires a minimum credit of 500 to buy a house. In the old days FHA did not require any credit score. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 500.

If your credit score is below 580 new FHA changes require a 10% down payment. The down payment funds can be the borrowers own funds or a gift from a family member and up to a 6% seller's concession is allowed.

• HUD homes for sale $100 down payment
  
• First time home buyer
• What credit score is needed to buy a house
  
• FHA loan requirements 2016
  

Get pre-approved for an FHA loan online.

FHA Student Loan Deferment Guidelines 2016

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