With many of our clients facing student loan repayment obligations, and therefore impacting how much home you can qualify for, I am sharing these tips from nerdwallet on what to do, to get prepared once these payments resume again in the next few months.
When you are prioritizing qualifying for a home mortgage, lenders advise that you repay it over as long as possible of a timeframe and almost all student loan administrators are willing to extend payment terms if you contact them with a request. When you are not currently making payments, lenders are required to "assume" some level of payment, as they know these are coming back. With this all in flux though, make sure you speak with your administrator and don't make any assumptions! I can also connect you with lenders that work with student loan situations in a more flexible way.
Federal student loans will start accruing interest again on Sept. 1, and payments will be due starting in October. With forgiveness in doubt, use this extra time wisely. Read the article here