September 12, 2021
Significant Changes for Buyers with Student Loans
For so long, potential first-time home buyers have had concerns about student loans debt and getting a mortgage to buy a home. But there’s good news. Changes in student loan calculations may create more opportunities for people who didn’t think they would qualify for a home loan. Let’s look at a few of the details.
The Federal Housing Administration, or FHA, has changed how student loan payments are counted to determine eligibility for federally insured mortgages. That means, in short, if you think you can’t buy a home because of looming student loan debt, call us to talk about your options first.
The change is helpful for any student loan borrower with an income-based repayment plan. It also affects those whose student loans are approved for deferment or forbearance. Or, if your loan isn’t fully amortizing, you may qualify under these new guidelines.
This change is huge for homebuyers with student loan debt because of how the loans will be calculated moving forward. Previously, lenders like us were required to count 1% of the outstanding student loan balance toward monthly debt payments. While that doesn’t look like a lot, it can be a considerable number depending on outstanding debt.
Now, the amount has been cut in half, and in some cases, even more. With this new calculation, we may be able to find FHA loans that you previously didn’t qualify for or would have been far too costly.
How to Get Started
This next step is easy. Get started by calling the team at GoPrime Mortgage in West Asheville – 828 348-1907. With these new guidelines, you or someone you know who previously could not finance a home purchase due to high student loan debt will have a better chance of trying again.
We want you to get into your first home in the Asheville area, so call us to find out how we can work with you. We can run the new numbers so you can determine a realistic budget to begin your house hunt.
Do you want to learn more about the new calculations for student loans? Call the team at GoPrime Mortgage in West Asheville today.
Do you want to understand the mortgage process better and get preapproved for your next home purchase? Call the team at GoPrime Mortgage today. GoPrime Mortgage in West Asheville is here to help. Call us today at 828-348-1907 – GoPrime Mortgage in West Asheville.
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Explore Your Options
As a first-time homebuyer, you may believe that you have to get your loan through a bank or credit union. But that’s not the case. An independent mortgage lender often provides more options than a bank can. Shop around. See who gives you the best deal on a mortgage loan that’s right for your circumstances. You may be surprised.
Getting pre-qualified for a mortgage loan is the best first step to take when you want to buy your first home.
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Get good, professional advice for what to do and what not to do when you’re seeking to buy your first home.
When applying for a mortgage loan, you may need reams of financial records. Or not. It’s different for everyone. Here is a complete list to give you an idea.
Everyone has questions when it comes to buying a house and applying for a mortgage loan. This page answers the most common questions people have.
Law requires that you be provided with this monstrous document when you apply for a loan. Here is a helpful summary of its contents.
As you explore down the rabbit hole of mortgage loans, you inevitably will find terms and acronyms that you don’t understand. Look here for help.
While some lenders push specific mortgage loan products because it’s best for them, GoPrime Mortgage, Inc. takes the time to find the mortgage that’s best for you.
GoPrime Mortgage, Inc. offers a wide range of mortgage loan types. To understand the differences, read this page and then talk to Zachery Adam and his Team.
Branch Manager, Loan Officer
"What we do is so far more important than lending and buying houses. We are in the business of facilitating dreams and honoring the start of a new home.”
"I enjoy working with clients new to the homebuying process. Remembering what it was like for my family, I will take my knowledge of the mortgage process and make it easier.”
"“I wake up every morning with incredible appreciation. I love what I do.” ”
Loan Officer Assistant
"My eventual goal is to become a loan officer. I love working within the community and being a part of the GoPrime Mortgage team.”