All Bell Bank locations and offices will be closed Monday, January 18, in honor of Martin Luther King Jr. Day. With the federal holiday, transactions after close of branch on Friday, January 15, will be processed on Tuesday, January 19.
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Changes to lending policies are allowing additional flexibility to help mortgage applicants qualify for a home – even if they’re carrying student loan debt.
This is good news. Buyers who have student loan debt could relook at home ownership options, and home owners with equity could refinance student loan debt. Here are some options that may benefit you:
Student loan payment amounts indicated on the credit report may be used for qualifying purposes. This may help you qualify with a lower debt-to-income ratio. If no payment is listed, the lender will utilize 1% of the outstanding loan balance or a calculated payment that amortizes the loan over the term.
If a non-mortgage debt has been paid by another party for the past 12 months, the debt can then be excluded from the debt-to-income ratio for the borrower. What does this mean to you? If you have a relative who has been making regular payments on your car, student loans, or other installment loans (not revolving credit) for the last 12 months, that debt amount will not be counted as part of your debt ratios which may help you qualify to buy.
Borrowers can now pay off student loans with a refinance. If you have at least 20% equity in your home, this new feature allows you to leverage that equity to pay off one or more high interest rate student loans, saving you money.
Contact your mortgage loan officer today to see how some of these options may benefit you.