The Six Most Important Things You Need to Know From the Mortgage World this Week.
FHA is implementing major student loan payment calculation changes effective June 30. Deferred student loan payments must now be included in a Borrower’s debt ratio.
If the lender can’t document the actual payment via a statement, then the formula to calculate the student loan payment is the greater of 1% of the outstanding loan balance or the monthly payment reported on the Borrower’s credit report.
Did you know? Jumbo fixed-rate financing now only requires 5% down!
Sales of existing homes rose in June for the fourth month in a row to an annualized rate of 5.6 million units, the best since February 2007!
The strong June sales volume was achieved despite a very low supply of homes available for sale, just 4.6 months (6 months is considered healthy).
Home builders are certainly aware of the lack of supply as they have ramped up construction. The Commerce Department reports that there were more houses under construction at the end of June than at any time in the last eight years.
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The material is intended for licensed mortgage professionals only and is not an extension of credit. Information contained in this document is subject to change without notification. ©2016 Shelter Lending Services, LLC is an Equal Housing Opportunity Lender. NMLS#1033753 (www.nmlsconsumeraccess.org). This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to underwriting and property approval. 695 Mansell Road Suite 200, Roswell, GA 30076. James Williamson NMLS# 552530, AL:#59117, GA:#36174, TN:#120865. Georgia Residential Mortgage Licensee # 38779.