Student Loans #homeloans #homebuyer #fhaloan #interestrates #firsttimehomebuyer #housingmarket

Accounting for student loans can be a little confusing when you're trying to prepare for a home loan. Some lenders just throw 1% of the total loan balance in as an estimated payment. So let's say you have a $50,000 student loan. They're throwing $500 a month in, even though in reality it might be deferred. Maybe you don't have a payment at all by default. We can do a half percent, which is much better. So in that same $50,000 example, we could put 250amonth in if there's nothing reporting as a payment. But there's a little secret we can dig a little further. As we like to do with our clients, we have a whole blueprint mapped out on how to set you up with an income based and sometimes that could be a game changer on how much you qualify for. In that same $50,000 example, you could probably set up an income based repayment for 75 or $100 a month. Beats the heck out of $500 a month. That helps you qualify for $400 a month more of a home than your typical lender.