Kentucky FHA Loans Guidelines on Student Loans.

Student Loans and FHA Loan Approvals

Debt payments such as a student loan or balloon note scheduled to begin or come due within 12 months of the mortgage loan closing must be included by the lender as anticipated monthly obligations during the underwriting analysis.

Debt payments do not have to be classified as projected obligations if the borrower provides written evidence that the debt will be deferred to a period outside the 12-month timeframe.

In lieu of obtaining copies of payment letters or forbearance agreements, the smonthly payment can be calculated using no less than 2% of the outstanding balance as the borrower’s recurring monthly debt obligation.

Student Loans under an Income Based Repayment plan are acceptable, however $0.00 payments are not acceptable and loan will be subject to above 2% rule.

Kentucky FHA Mortgage Loan Approval same day

Joel Lobb
Senior  Loan Officer
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

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