Student Loan Debt-to-Income Ratio Updated

First-Time Home Buyer Market Update Update from HRM

FEDERAL HOUSING ADMINISTRATION TAKES STEPS TO REMOVE BARRIERS TO HOMEOWNERSHIP FOR THOSE WITH STUDENT LOAN DEBT
Updates to Single Family student loan monthly payment calculation expand access to FHA-insured mortgage financing for creditworthy individuals, particularly in communities of color

WASHINGTON – The Federal Housing Administration (FHA) on Friday announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color. The updated policy more closely aligns FHA student loan debt calculation policies with other housing agencies, helping to streamline and simplify originations for borrowers with student loan debt obligations.

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. More information about HUD and its programs is available at www.hud.gov and https://espanol.hud.gov.

The above information is provided by the Federal Housing Administration the following link provides more information: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_21_103?fbclid=IwAR3p0Cv1gYH73lW0O5x7PkJb0BJbQsNEnhHHKhxL2xsHojwFf7W0rXha9n0