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FHA changing guidelines on deferred student loans - 6/15/15

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New Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15

Hi,

 

    I am a little confused about the discussions here, but according to the new FHA rules, the changes on student loans ar being pushed back from June 15th and aren't happening until September:

 

Q1: What is the effective date for the SF Handbook’s published sections?

A1: The new effective date for implementation of the new and/or revised policies and processes contained within the published version of the SF Handbook was extended by FHA from June 15, 2015 to September 14, 2015.

The following sections are effective on September 14, 2015:

 Doing Business with FHA - Lenders and Mortgagees

 Doing Business with FHA - Other Participants - Appraiser

 Quality Control, Oversight and Compliance - Lenders and Mortgagees (Except for Section V.A.3.c.i – Origination and Underwriting Loan File Compliance Review – Minimum Requirements which is effective for case numbers assigned on or after September 14, 2015)

 

All other sections of the SF Handbook are effective for case numbers assigned on or after September 14, 2015."

 

http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_HB_4000-1_FAQS.PDF

 

Of course, speak to your loan officer, or ask a loan officer before making any home purchasing plans.

Message 21 of 95
Moderator Emerita

Re: FHA changing guidelines on deferred student loans - 6/15/15

^^^Yes, if you take a look at the original post it was made Feb 24, 2015 when the inital announcement date showed a June 15, 2015 guidelines change date.

That date has since been extended to Sept 14, 2015. So there is no confusion here - just updates as the updates are posted by FHA.

 

These dates are always subject to change so your advice to speak to your LO is good.

Message 22 of 95
New Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15

"That date has since been extended to Sept 14, 2015. So there is no confusion here"

 

  Yes, there was for me. Reading the posts made here since the new changes were announced (end of April) indicated the June 15th date still stood. Which was confusing to me, and may also have been to anyone that these changes affect. So I made my post to help anyone out there who may need better clarification.

 

 

 

 

Message 23 of 95
New Visitor

Re: FHA changing guidelines on deferred student loans - 6/15/15

This is definitely coming. HUD has already moved the date back several times to allow lenders to adjust. The new effective date is 9/14/15. In order for a lender to pull a case number for you, they have to have a property address, so you will need to have found your home, have it under contract, and submit a loan application in order for them to get the case number pulled. Some lenders are faster than others in setting up loans, so I would not expect to submit an application on 9/14/15 and still be ok. Have that conversation early with your loan officer to find out their process and the time needed to get the file set up and case number pulled. I SERIOUSLY doubt that HUD will delay this change again. 9/14/15 is the line in the sand. Hope this helps. http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_HB_4000-1_FAQS.PDF
Message 24 of 95
Regular Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15

This is so disappointing, as I try to clean up  my credit to buy a home. Guidelines are changing to the point I will not be able to qualify for a home.  This is awful. 

Message 25 of 95
Frequent Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15

Yeah this is super bummer! What about those who will be going to school and qualify for loan forgivness program....Will they still calculate that into the debt also?

 

Current FICO 08 as of 06/01/2015 TU 648 EQ 624 EX 602
FICO Mortgage Scores TU 594 EQ 540 EX 642

Message 26 of 95
Super Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15


@creditstalker wrote:

Yeah this is super bummer! What about those who will be going to school and qualify for loan forgivness program....Will they still calculate that into the debt also?

 


For loan forgveness, the lender will want to see that you're in forbearance 1 year from when you close or else they will have to factor this loan into your debt to income.

 




Message 27 of 95
Frequent Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15

Okay, I will have to secure my loan by the beginning of August....because all of my loans are in deferrment until 2017...ugggh!

 

My current scores

 

TU Mort. score 584 / FICO 08 648

EQ Mort. score 540 / FICO 08 634

EX Mort. score  642 / FICO 08 602

 

Middle Mortgage Score 589...Ouch!  I have been working VERY hard with improving these scores.   I also need to remove a few dispute comments....that will be my project for tonight....glass of merlot in hand!

Current FICO 08 as of 06/01/2015 TU 648 EQ 624 EX 602
FICO Mortgage Scores TU 594 EQ 540 EX 642

Message 28 of 95
New Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15

Wow-this thread was a real roller coaster ride-I will check with my LO of course, but it looks like we'll be OK as long as we find a home before September 15th, which is the plan anyway since all projections right now point to a rate hike in the fall.  I just enrolled in a Masters program so my loans will be in deferment very soon-the program is full time and won't finish until Spring 2017, so that should satisfy the requirements.  



Lowes $17K - Capital One Quicksilver Rewards $10K

TU - 704 / EQ - 716
Message 29 of 95
Established Contributor

Re: FHA changing guidelines on deferred student loans - 6/15/15

Wow I can only imagine this will knock out majority of applicants who went to college.

 

This is not good at all. These same applicants are your more responsible ones that have good careers but got them because they went to school with the help of student loans. This is a dumb move by FHA. They are always changing stuff. 

Equifax - 628, Experian -627, Transunion- 654 In the garden until 01/01/2019
Message 30 of 95
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