02/02/2023
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Have student loan debt but still want to buy a house? This one is for you.
Did you know that the guidelines have changed with how student loan debt is counted towards debt to income?
Originally lenders would count 1% of your total student loan debt to calculate towards your debt to income per month.
Based on the new guidelines, borrowers can now calculate their debt to income ratio by either half a percent of their total student loan debt
OR
If you are on an income driven repayment plan they will calculate whatever your monthly payment is.
‼️Ex: $50000 in student loans would now be considered a $250 per month expense
Or
‼️If you pay (let’s say $50) monthly on income based repayment - it will be calculated as a $50 a month payment
This can do incredible Things with that debt not hurting your DTI as much!!!!
Hope this helps! 👉🏾If it did, share it with a future homeowner.
Your assets are my priority…
Let’s make your dreams a reality 🏡
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Danielle Sticha, REALTOR
Howard Hanna RES
757-553-4700
