FHA Mortgages

Obtained scholar mortgage debt? An FHA mortgage could also be your finest mortgage possibility.

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.

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