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New Member
Posts: 3
Registered: ‎07-08-2017
0

Re: Fannie Mae, FHA, & VA Guidelines

so if someone is still in school and all their student loans are in deferrment, then what? I cant leave school in the middle of a doctoral dissertation... so then does that 2% thing apply.. and exactly how is that calculated... where can I figured that out. Looking at info online, I should qualify for a FHA, with a pretty decent amount that I can borrow... my dti ratio was very low.. like 11% I think... how does the 2% thing factor in?

Established Member
Posts: 27
Registered: ‎06-27-2012
0

Re: Fannie Mae, FHA, & VA Guidelines

I have to agree with the OP. When I first heard about FHA, I too thought it was easier. Not! You'd have an easier and cheaper time doing a 3% conventional than the FHA considering all the hoops.

It seems to be more of a deterrent than a we want to help young families and public service professionals. I will give you an example from personal experience. My wife wanted to teach Math, but we calculated between home prices in FL being 180-225k easily, her 58k in student loans and 40k in pay, along with two CCs, there is no way in hell she'd be able to get approved.

Home prices and student loans alone completely kill the DTI percentages (as far as keeping them low). One can buy a home with FHA but it's FAR from easy like many in MSM Finance articles try to sell. OP's makes a great point.

I think we are seeing the continued effects of 2008 financial crisis and MANY potential first time home buyers are paying. My wife's an Accountant so she is always telling me about this stuff.

I will reach out HUD for MD. This is an issue that needs to be addressed for sure with legislation.

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