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More than 65% of the First Time Home Buyers we talk to have some amount of Student Loan Debt. Because there are so many different ways to pay for college now,  many of those we talk to have not even started paying for all of the debt they accrued while in college.  If you are looking for a mortgage approval with deferred student loans, figuring out what your deferred student payments are going to be, is critical in getting approved to buy a house right now.

An August 2012 study, “Denied? The Impact of Student Debt on the Ability to Buy a House,” found student loans could be a stumbling block for recent graduates who are single or married to a spouse who also has student loans.   A separate study by credit bureau Trans Union found the average student debt per borrower jumped 30 percent from $18,379 in 2007 to $23,829 in 2012.

Our experience, however, is that so many people have Student Loans, that it’s really not a “red flag” to underwriters, it’s just another obligation that we have to present in the debt to income ratios.  In some cases, we do NOT have to count Deferred Student Loans – in other situations we do.

CLICK ON THE LINK for more information: http://ncfhaexpert.com/first-time-homebuyer/3-tips-mortgage-approval-deferred-student-loans-2014/

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Janis Bradley, Broker/Owner, JB Real Estate Consultants


Diana Rice-Wilkerson, Loan Originator, Fairway Mortage