Student Loans - What Can You Do?
John Carreker of Nations Lending
We were talking about that one topic that everybody wants to know about STUDENT LOANS!
This is what I know personally about student loans. If you are behind on any student loans or in default, you can contact them. Now, the first person you talk to, is always going to tell you no! Understand that. But when you call back, your phone call will be automatically routed to a Supervisor. The second and/or third person you speak to, will give you what you want. This is why you have to be specific in your request.
If you need your delinquency to go away, ask them to reassign your student loan numbers to a new student loan number. Why? New account numbers, delete your previous history. I know this from personal experience, but you have to be specific in your request. Ask for your student loans to be transferred to a new account number and ask for the delinquency to be deleted. It may take you a couple of calls to do that, but you will get what you're looking for. That's how you handle it.
From a home purchasing stand point?
All we need is your account number, to ensure you account is in good standing, and you'll be able to purchase a home. For a Conventional Loan, we're looking at whatever the credit report says your minimum payment is. We don't have to take 1% of the student loan balance. If you use a FHA Loan, either a letter from the student loan organization saying what your fully amortized payment is or we will use the 1% of the student loan balance. That's what it is for FHA, a fully amotized payment or 1% of student loan balance, whichever is greater, remember, they will take the lesser if you have a letter from the student loan organization stating what your monthly payment is. That's the key.
There you have it. Once again, John Carraker is the bomb. The #1 Mortgage Coach is what we're now calling him. If you are ready to start this process, give me a call 678-412 -0373 Premier Homes by Angela so that we can get you into a home. The KEY to Your Real Estate Experience!