Subject: Deferred Student Loans - tip of the day
Good Morning
Today is Monday, February 06, 2012
Byron Lefevre is out of the office today.
Turn times are 48 hours.
Tip of the day – Deferred Student Loans
FHA-Projected
Obligations. If a debt payment, such as a student
loan, is scheduled to begin within twelve months of the mortgage loan closing,
the lender must include the anticipated monthly obligation in the underwriting
analysis, unless the borrower provides written evidence that the debt will be
deferred to a period outside this time frame. Similarly, balloon notes that
come due within one year of loan closing must be considered in the underwriting
analysis.
VA - If student loan
repayments are scheduled to begin within 12 months of the date of VA loan
closing, lenders should consider the anticipated monthly obligation in the loan
analysis. If the borrower is able to provide evidence that the debt may be
deferred for a period outside that timeframe, the debt need not be considered in
the analysis.
CONVENTIONAL- Deferred Installment Debt
Deferred installment debts, such as deferred student
loans, must be included as part of the borrower’s recurring monthly debt
obligations. If the borrower’s credit report does not indicate the monthly
amount that will be payable at the end of the deferment period, the lender must
obtain copies of the borrower’s payment letters or forbearance agreements so
that a monthly payment amount can be determined and used in calculating the
borrower’s total monthly obligations.
Exception: For a student loan, in lieu of obtaining
copies of payment letters or forbearance agreements, the lender can calculate a
monthly payment using no less than 2% of the outstanding balance as the
borrower's recurring monthly debt obligation. However, if any documentation is
provided by the borrower or obtained by the lender that indicates the actual
monthly payment, that figure must be used in qualifying the borrower.
Thank
You!
Neil
Johnson
Gateway
Mortgage Group
National
TPO Operations Manager
4201
N. State Hwy 161
Irving,
TX 75038
Office:
972-908-3390 ext. 118
fax#
918-858-8392