What are VA Student Loan Guidelines for Calculating Monthly Payments in Florida?

2024 UPDATE: VA Student Loan Guidelines for Calculating Monthly Payments

What are VA Student Loan Guidelines for Calculating Monthly Payments? How are student loan calculated when trying to qualify for a VA loan in Florida, Texas, Tennessee, or Alabama?VA Student Loan Guidelines for Calculating Monthly Payments in Florida, Texas, Tennessee, or Alabama

What are VA Student Loan Guidelines for Calculating Monthly Payments? How are student loan calculated when trying to qualify for a VA loan in Florida, Texas, Tennessee, or Alabama?

Student loan debt can have a major impact on qualifying for a mortgage. Understanding VA home loan guidelines for student debt payment calculations can mean the difference between homeownership and a missed opportunity!

In today’s short video, I will review updated VA home loan student loan guidelines and break down the calculations so you will be in the know.

Now, before we get started, don’t forget to download our Free Loan Comparison Chart with the link below. This quick reference guide will show the differences between loan programs side by side. Best of all, it is only on one page!

What are VA Student Loan Guidelines for Calculating Monthly Payments? How are student loan calculated when trying to qualify for a VA loan in Florida, Texas, Tennessee, or Alabama?

Unfortunately, the fact is that qualifying to buy a home with student loan debt is becoming a bigger challenge each and every day, and this is not just a problem for First-Time Homebuyers. While many of us may say that seems like common sense, the actual numbers are somewhat staggering.

In a recent Federal Reserve report, it listed that total student loan debt is now more than $1.7 trillion! Now, after we all have taken a deep breath, let’s review the current VA home loan guidelines for calculating student loan monthly payments.

VA Student Loan Guidelines – Payment Calculations

VA Student Loan Guidelines for Calculating Monthly Payments in Florida, Texas, Tennessee, or Alabama

Miniature house in soldier hands

VA Home Loan Guidelines state the following regarding student loans:

“If a student loan is in repayment, or scheduled to begin within 12 months from the date of VA loan closing, the lender must consider the anticipated monthly obligation in the loan analysis and utilize the payment established by calculating each loan at a rate of five percent of the outstanding balance divided by 12 months”

Example: A borrower has a $25,000 student loan balance and you multiple it by 5%, which equals $1,250. This amount ($1,250) is divided by 12 months to equal a monthly payment of $104.17.

VA Student Loan Guidelines additionally state:

If the payment(s) reported on the credit report is less than the threshold payment calculation above, in order to count the lower payment, the loan file must contain a statement from the student loan servicer that reflects the actual loan terms and payment information for each student loan(s).”

VA Student Loan Guidelines – Summary

VA Credit Score down to 580

In summary, understanding VA student loan guidelines and the minimum calculations required is a critical step towards VA home loan qualification.

VA Approved Lender – Metroplex Mortgage Services

As a VA Approved Lender, we will walk you through the VA loan qualifying process step-by-step. Just call, text, or email to discuss your scenario and let us show you the “Metroplex” difference!

Call/Text: 863-593-2001
800-806-9836 Ext. 280
SeanS@MPLX.org

Thank you again for forwarding and sharing today’s video with any friends, family, co-workers, or clients who are looking to buy, sell, or refinance!

As always, I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!

P.S. – You can download our “Loan Comparison Sheet” by CLICKING HERE.