Student Loan Rules

Student Loan Rules

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Student Loan Rules

โ†’ Lower your student loans with this calculator.

Fannie Mae

(Conventional)

Options:

  1. Amount listed on credit report
  2. Monthly payment on student loan documentation (if not on credit report)
  3. Income-driven payment plan documentation
  4. OR exclude payment if 12 months cancelled checks from party paying 100% of debt with no lates

If deferred use 1% of total balance.

Freddie Mac

(Conventional)

Options:

  1. If amount on credit report is greater than zero, use that
  2. OR if the amount on credit report is zero, use 0.5% of the balance

If deferred, use the above rules.

FHA

Use the greater of:

  1. 1% of the outstanding loan balance
  2. OR monthly payment on credit report
  3. OR the actual payment, if the payment will fully amortize over its term

If deferred, use the above rules.

USDA

Fixed payment loans:

  1. Allowed if lender retains documentation to verify the payment is fixed

Non-fixed payment loans:

  1. 0.5% of the outstanding balance
  2. OR current document payment plan

If deferred, use 0.5% of balance.

VA

  1. 5% of balance รท 12
  2. If payment on credit report is higher than threshold payment, use payment on credit report
  3. If the actual payment is lower than threshold payment, lender may use IF the veteran provides documentation

If deferred more than 12 months, don't count the payment. Otherwise, use above rules.

โ†’ Lower your student loans with this calculator.

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Kyle Seagraves | NMLS# 1701021 | Equal Housing Opportunity