Why is June 29th such an important date in the lending world? If you’re looking to purchase a new home, have student loan debt, and you qualify for FHA or VA financing, this is for you.
The process will become more difficult for you at the end of next month. Congress recently passed new legislation stating after June 29th, low or deferred student loan payments will now count against your debt-to-income ratio.
Again, low or deferred payments don’t currently harm you as a home buyer, but they will pretty soon. If you have student loan debt, but want to purchase a home in the surrounding area, reach out to me as soon as possible! We can put you in touch with a lender to get your money’s worth before this change affects your buying power.