The term zoned for “short term rental” or STR is something that you will read or hear about continuously during your research for a Kissimmee vacation home, but what exactly does that mean,
How Student Debt Can Effect Your Ability To Buy A Home
Millions of Americans have incurred student loan debt, which can greatly impact their debt-to-income (DTI) ratio. Agencies and lenders realize the significance that student loan debt has on borrowers, since Debt To Income (DTI) is such a large factor when a lender is considering borrowers for a mortgage.
Fannie Mae's 97% LTV loan product also allows the lender to exclude student loans from the DTI calculation if the debt is being paid by someone else and has been for at least the last 12 months. Fannie Mae allows lenders to use the actual student loan payments that borrowers are making each month, verses a percentage of the remaining balance, which can help lower borrowers' DTI ratios.
Other Fannie Mae 97 LTV Highlights:
Freddie Mac's Home Possible® Advantage loan allows the lender to use whichever is greater for the DTI calculation – either the student loan debt payment listed on the borrower's credit report or 0.5% of the original student loan balance.
Other HomePossible® Advantage Highlights*:
An FHA loan allows the lender to use the whichever is greater, 1% of the outstanding student loan balance or the actual monthly payment amount that is listed on the borrower’s credit report.
A VA loan allows the lender to use whichever is greater for the DTI calculation – either the payment listed on the borrower's credit report or 0.5% of the outstanding student loan balance divided by 12. If the student loan debt has been paid by someone else for the last 12 months or more, it can be excluded from the borrower’s DTI calculation.
Other VA loan highlights:
If you have any questions or if I can help in any way, please don't hesitate to contact me.
Jen is a seasoned Real Estate Agent with more than 7 years of experience in the industry. She started out as a Title Insurance Marketer in Park City, UT, then moved to Florida to enjoy the beautiful ....
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I recently met up with a friend for dinner and the topic of real estate came up. He just turned 38 and was thinking it might be time to buy a place. He would rather live in a high rise
Millions of Americans have incurred student loan debt, which can greatly impact their debt-to-income (DTI) ratio. Agencies and lenders realize the significance that student loan