Obtained scholar mortgage debt? An FHA mortgage could also be your finest mortgage possibility.
Let’s say the borrower has a debt-to-income ratio of 43 percent and a student loan of $ 150,000. Under the old rule, the FHA assumed that the borrower’s monthly loan debt payment was $ 1,500. Under the new rule, the estimated payment would be $ 750. If you bought a $ 400,000 home with FHA funding, the estimated mortgage payment would be $ 2,328 in principal and interest (PITI). Under the old rule, a borrower’s annual income to qualify for the mortgage would have been $ 106,827. Under the new rule, it’s only $ 85,897.