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Ask the Underwriter: just just How are education loan payments calculated whenever qualifying for an FHA loan?

Ask the Underwriter: just just How are education loan payments calculated whenever qualifying for an FHA loan?

FHA recommendations on student education loans are stricter

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Ask the Underwriter is really a regular line for HousingWire’s LendingLife publication, handling real concerns asked to, and answered by, expert home loan underwriter, Dani Hernandez.

Concern from lender:

My borrower has requested an FHA loan to purchase their home that is first they usually have several student education loans in deferment. The payment that is monthly their credit report is $0 but the underwriter stated we ought to utilize 1% regarding the stability for every single loan because the qualifying payment from the home loan application.