fbpx
  • (651) 552-3681

    Home Purchase - Home Refinance
    Serving MN WI IA ND SD CO FL

    Upload Documents Cambria Mortgage app
    Cambria Mortgage application

  • A common question people applying for home mortgage loans is how does their deferred student loan effect mortgage qualifying

    First understand that while a student loan may be deferred, lender reasoning is that eventually you will have to start making a payment, so we must calculate something into your debt ratio.

    Student loan debt ratio

     

    How and what we calculate for a payment depends on the type of loan you are applying for.

    If the credit report is reflecting the loans are in deferral

    Then for USDA, FHA, and Fannie Mae conventional loans, the minimum monthly payment is calculated at 1% of the outstanding balance. For example, a $50,000 student loan balance would results in a $500 payment into your debt ratio for mortgage loan qualifying purposes.

    For Conventional Freddie Mac loans, the payment is calculated at 0.50% so that same $50,000 loan results in a $250 payment.

    VA loans will treat the deferred balance at 1/12th of 5% of the loan, so the same $50,000 loan results in a payment of $209.

    IF  A PAYMENT IS SHOWING ON YOUR CREDIT REPORT

    If a payment is showing on the credit report, we use the payment on the credit report for Fannie Mae and Freddie Mac loans.

    FHA and USDA loans use the greater of the actual payment OR 1% of the outstanding balance, WHICHEVER IS GREATER.

    VA says if a payment is reporting on the credit report, but is less than the payment on the standard formula, you must get written proof of the lower payment, or use the 1/12th of 5% of the balance rule.

var form = {"form_id":"wpq-4247877505","slides":[{"key":"LoanType","type":"icons","label":"Loan Type","heading":false,"note":false,"sub_heading":"What type of mortgage do you need?","icons":{"fyxxhbiqe":{"class":"fas fa-landmark","text":"New Purchase"},"c9lrs33r5":{"class":"fas fa-credit-card","text":"Refinance"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"z22gzkpcj400000000000000000000","type":"buttons","label":"StateConfirmation","heading":"What state is the property?","note":"Will any property be located in one of these states?","sub_heading":"We only lend in MN, WI, IA, CO, FL, ND, and SD.","buttons":{"qb6kmt36m":{"text":"YES"},"ku851t9fr":{"text":"No
(then we can't help you)"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"bb5r344jls00000000000000000000","type":"redirect","label":"Redirect","heading":false,"note":false,"sub_heading":false,"endpoint":"https:\/\/joemetzler.com","fname":false,"lname":false,"email":false,"phone":false,"additional":false,"check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"5bcrvmjcv":{"logic_option":"z22gzkpcj400000000000000000000","logic_equal":"=","logic_value":"No
(then we can't help you)"}}}},{"key":"fsl9ffcwj400000000000000000000","type":"icons","label":"Process Stage Purchase","heading":"Where in the process are you?","note":false,"sub_heading":false,"icons":{"5ysvogui1":{"class":"fab fa-researchgate","text":"Just Starting"},"2zo9jujir":{"class":"fab fa-searchengin","text":"Actively Searching"},"a5y0z5ff6":{"class":"fas fa-money-bill-wave","text":"Making Offers"},"8fsqwdgv8":{"class":"fas fa-file-contract","text":"Under Contract"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"ulijc199f":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"fnm4p999qo00000000000000000000","type":"icons","label":"FTHB","heading":"First Time Home Buyer?","note":"Special programs may be available","sub_heading":"Are you a first time home buyer?","icons":{"afnaoqesa":{"class":"fas fa-equals","text":"Yes"},"88qkfonki":{"class":"fas fa-not-equal","text":"No"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"lvj5knwgy":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"PropertyType","type":"icons","label":"Property Type","heading":"What Type of Property?","note":false,"sub_heading":"Choose One","icons":{"shu0x7lgr":{"class":"fas fa-house-user","text":"Single Family"},"8ne4su6g2":{"class":"fas fa-city","text":"Multi-Family"},"4fg5zyzmt":{"class":"fas fa-building","text":"Townhouse"},"fskeqzlkt":{"class":"fas fa-hotel","text":"Condo"},"14jkzf87q":{"class":"fas fa-couch","text":"Mobile Home"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"kv2i5ba0io00000000000000000000","type":"icons","label":"Occupancy","heading":"Occupancy Type","note":false,"sub_heading":"This home will be my","icons":{"gaetd4lbr":{"class":"fas fa-house-user","text":"Primary Residence"},"329x05qyz":{"class":"fas fa-bed","text":"2nd \/ Vacation"},"onhicgo7l":{"class":"far fa-building","text":"Rental Property"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"CreditScore","type":"icons","label":"Credit Score","heading":"Rate Your Credit","note":false,"sub_heading":"Estimate, or select your score you've seen elsewhere","icons":{"ghz9ph31r":{"class":"fas fa-greater-than","text":"Excellent
(740+)"},"0tju8icf6":{"class":"fas fa-greater-than","text":"Good
(700-739)"},"jub61k93h":{"class":"fas fa-bookmark","text":"Average
(680-699)"},"i237b3h4v":{"class":"fas fa-bookmark","text":"OK
(640-679)"},"i6kud6ria":{"class":"fas fa-less-than","text":"Weak
(581-639)"},"muazjejsm":{"class":"fas fa-less-than","text":"Bad
(Below 580)"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"Bankruptcy","type":"icons","label":"BankruptcyForeclosure","heading":"Bankruptcy or Foreclosure","note":false,"sub_heading":"Have you had a bankruptcy or forclosure?","icons":{"eefhtb5rg":{"class":"fab fa-hashnode","text":"Never"},"4acdaciol":{"class":"fas fa-less-than","text":"Less Than
2 Years"},"lyuerimng":{"class":"fas fa-equals","text":"2 - 4 years"},"dzx3jitmw":{"class":"fas fa-greater-than","text":"More Than
4 Years"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"MilitaryService","type":"icons","label":"Military Service","heading":"Military Service","note":"Veterans may be eligible for special loan programs","sub_heading":"Have you or your spouse served in the military?","icons":{"ug4ubxvc1":{"class":"fas fa-person-military-pointing","text":"Yes - Retired"},"khobkelnp":{"class":"far fa-person-military-pointing","text":"No"},"5fvu1ywx8":{"class":"fas fa-person-military-rifle","text":"Yes - Active"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"Ownership","type":"icons","label":"Rent or Own","heading":"Do you currently own or rent?","note":false,"sub_heading":false,"icons":{"9wc10zn0r":{"class":"fas fa-crown","text":"Own"},"bousy1nu0":{"class":"fas fa-building","text":"Rent"},"oa0w9pfsp":{"class":"fas fa-equals","text":"Live rent free"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"9n3ohymz1":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"0cxr2c1ss000000000000000000000","type":"amount","label":"Current Housing Pmt","heading":"Current monthly housing costs","note":"How much do you pay today for housing or rent?","sub_heading":false,"currency_symbol":"dollar","currency_placement":"before","default_amount":"1000","step_amount":"10","min_amount":false,"max_amount":"4000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"mn2dri9qa":{"logic_option":"Ownership","logic_equal":"=","logic_value":"Rent"},"dmhf7zu70":{"logic_option":"Ownership","logic_equal":"=","logic_value":"Own"}}}},{"key":"mqimszu6c000000000000000000000","type":"amount","label":"Income","heading":"Income","note":"So we know how much house you can afford","sub_heading":"What is your monthly income from all sources?","currency_symbol":"dollar","currency_placement":"before","default_amount":"1","step_amount":"10","min_amount":false,"max_amount":"20000","logic":{"show_hide":"show","any_all":"any"}},{"key":"LoanAmount","type":"amount","label":"Purchase Price","heading":"Purchase Price?","note":"(or estimated price)","sub_heading":"What is the purchase price you want to buy?","currency_symbol":"dollar","currency_placement":"before","default_amount":"400000","step_amount":"1000","min_amount":"70000","max_amount":"2000000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"zyy8udnmy":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"DownPayment","type":"amount","label":"Down Payment","heading":"Down Payment","note":"The more the better","sub_heading":"How much are you planning to put down?","currency_symbol":"dollar","currency_placement":"before","default_amount":"10000","step_amount":"1000","min_amount":false,"max_amount":"100000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"xj7njcans":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"qt2rfk9owg00000000000000000000","type":"icons","label":"Need Assistance","heading":"Need Assistance?","note":false,"sub_heading":"Do you need down payment assistance?","icons":{"lls7ts45y":{"class":"fas fa-not-equal","text":"Not Needed"},"asjblsxdz":{"class":"fas fa-equals","text":"Would Like"},"3nxe7bzon":{"class":"fab fa-odnoklassniki","text":"Need"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"bjeibm3nx":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"RealEstateAgent","type":"icons","label":"Real Estate Agent","heading":"Real Estate Agent","note":false,"sub_heading":"Are you working with a real estate agent?","icons":{"nt7jnbfc3":{"class":"fas fa-person-arrow-up-from-line","text":"Yes"},"7u2n4mmlf":{"class":"fas fa-person-arrow-down-to-line","text":"Not yet"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"vgz4bb179":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"FoundHome","type":"icons","label":"Found Home","heading":"Found a home?","note":"Have you identified a specific house?","sub_heading":false,"icons":{"k6ztyrqb1":{"class":"fas fa-house","text":"Yes"},"xfluprcr2":{"class":"fas fa-house-chimney-crack","text":"No"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"13wttpwxr":{"logic_option":"fsl9ffcwj400000000000000000000","logic_equal":"=","logic_value":"Making Offers"},"81onccc88":{"logic_option":"fsl9ffcwj400000000000000000000","logic_equal":"=","logic_value":"Under Contract"}}}},{"key":"ZipCode","type":"text","label":"Property Address","heading":"Property Address","note":"Address, City, St. Zip","sub_heading":"What is the property address (if known)?","input_mask":"None","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"gs5wydp74":{"logic_option":"FoundHome","logic_equal":"=","logic_value":"Yes"}}}},{"key":"z65c3c7qjk00000000000000000000","type":"buttons","label":"What State","heading":"What state?","note":false,"sub_heading":"What state will the property be located?","buttons":{"0js5r7332":{"text":"Minnesota"},"iep8hw7xq":{"text":"Wisconsin"},"7ddc1hck7":{"text":"Iowa"},"u85qo2zpq":{"text":"North Dakota"},"h4uqldy17":{"text":"South Dakota"},"i776ykkqy":{"text":"Colorado"},"sm54mn3zw":{"text":"Florida"},"kcs24m24j":{"text":"Other"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"4aquv21v3":{"logic_option":"FoundHome","logic_equal":"=","logic_value":"No"},"27g48mef4":{"logic_option":"fsl9ffcwj400000000000000000000","logic_equal":"=","logic_value":"Actively Searching"},"rky29r7sv":{"logic_option":"fsl9ffcwj400000000000000000000","logic_equal":"=","logic_value":"Just Starting"}}}},{"key":"MovingDay","type":"icons","label":"Moving Day","heading":"Moving Day","note":false,"sub_heading":"When do you plan on moving?","icons":{"ywfrbbjab":{"class":"fas fa-hourglass-start","text":"Right Away"},"497n8nizk":{"class":"fas fa-calendar-day","text":"90 days"},"s5nx6ks1s":{"class":"fas fa-calendar-check","text":"3-6 Months"},"4rwqvr9l8":{"class":"fas fa-calendar-day","text":"6-12 Months"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"nzmbufbtf":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"utmyfr8q4g00000000000000000000","type":"amount","label":"Currently Owe","heading":"Current Mortgage Balance","note":"Add together if more than one loan","sub_heading":"What is the balance of your current mortgage loan(s)?","currency_symbol":"dollar","currency_placement":"before","default_amount":"150000","step_amount":"1000","min_amount":false,"max_amount":"1500000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"td34k2dpf":{"logic_option":"LoanType","logic_equal":"=","logic_value":"New Purchase"}}}},{"key":"omwcn7uets00000000000000000000","type":"icons","label":"Refi property","heading":"What property are you refinancing?","note":false,"sub_heading":false,"icons":{"fxgci698g":{"class":"fas fa-house-chimney","text":"Home Address"},"lq8761wkv":{"class":"far fa-building","text":"Another property"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"pdmme9o50":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"6d9jsvq6vk00000000000000000000","type":"text","label":"Refi Address","heading":"Subject Property Address?","note":false,"sub_heading":"What property address are you refinancing","input_mask":"None","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"dyrs9teft":{"logic_option":"omwcn7uets00000000000000000000","logic_equal":"=","logic_value":"Another property"}}}},{"key":"4hl28itcwg00000000000000000000","type":"amount","label":"Estimated Value","heading":"Estimated Value","note":false,"sub_heading":"What do you think your home is worth?","currency_symbol":"dollar","currency_placement":"before","default_amount":"300000","step_amount":"1000","min_amount":"50000","max_amount":"2000000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"ats6rbymm":{"logic_option":"LoanType","logic_equal":"=","logic_value":"New Purchase"}}}},{"key":"327gov35ps00000000000000000000","type":"icons","label":"Refi Purpose","heading":"Refinance Purpose?","note":false,"sub_heading":"What is your main objective?","icons":{"ekpmym19f":{"class":"fas fa-percent","text":"Lower rate"},"1a2ji57y0":{"class":"fas fa-angles-down","text":"Lower payment"},"s7uonmyty":{"class":"fab fa-cc-mastercard","text":"Debt
Consolidation"},"co25k4ggi":{"class":"fas fa-house-chimney","text":"Home
Improvement"},"f4nin0ztg":{"class":"fas fa-money-bill","text":"Cash out
Other"},"5x8icvidt":{"class":"fas fa-calendar","text":"Change Term"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"jugfj2ub4":{"logic_option":"LoanType","logic_equal":"=","logic_value":"New Purchase"}}}},{"key":"fbos92nx1c00000000000000000000","type":"amount","label":"Cash out","heading":"Cash Out Amount?","note":false,"sub_heading":"How much extra do you need?","currency_symbol":"dollar","currency_placement":"before","default_amount":false,"step_amount":"1000","min_amount":false,"max_amount":"1000000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"kzu08g3u5":{"logic_option":"327gov35ps00000000000000000000","logic_equal":"=","logic_value":"Cash out
Other"},"7kn6fonmt":{"logic_option":"327gov35ps00000000000000000000","logic_equal":"=","logic_value":"Home
Improvement"},"nvl517kz6":{"logic_option":"327gov35ps00000000000000000000","logic_equal":"=","logic_value":"Debt
Consolidation"}}}},{"key":"ngdsxsz7sw00000000000000000000","type":"amount","label":"Property Taxes","heading":"Property Taxes","note":false,"sub_heading":"How much are your property taxes","currency_symbol":"dollar","currency_placement":"before","default_amount":"1500","step_amount":"1","min_amount":"100","max_amount":"10000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"iijh9or64":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"p2fgiygwc000000000000000000000","type":"amount","label":"Insurance","heading":"Homeowners Insurance","note":false,"sub_heading":"How much is insurance per year?","currency_symbol":"dollar","currency_placement":"before","default_amount":"1500","step_amount":"1","min_amount":"1","max_amount":"5000","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"rhejoldqm":{"logic_option":"LoanType","logic_equal":"=","logic_value":"Refinance"}}}},{"key":"iabjp02h4w00000000000000000000","type":"icons","label":"Amortization","heading":"Loan Term","note":false,"sub_heading":false,"icons":{"f2zkt2681":{"class":"fas fa-calendar-check","text":"30-yr fixed"},"7x3sq5snw":{"class":"fas fa-calendar","text":"20-yr fixed"},"c7oxc17gg":{"class":"fas fa-calendar","text":"15-yr fixed"},"j2n98m1ty":{"class":"fas fa-calendar-days","text":"Other"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"stg2z2pyfk00000000000000000000","type":"icons","label":"Not An Application Confirmation","heading":"Can we send you your results?","note":"No Obligations. Your Information Will NOT Be Used For Any Other Purpose.","sub_heading":"This is a basic loan inquiry only, not an application.","icons":{"a9jcmfxl6":{"class":"fab fa-readme","text":"Yes - Continue"},"v9hbec8k3":{"class":"fas fa-not-equal","text":"I don't want to know"}},"logic":{"show_hide":"show","any_all":"any"}},{"key":"yjq9z91feo00000000000000000000","type":"icons","label":"Credit Report","heading":"Your Credit Report","note":"This is a 'Soft Pull' and has no effect on scores","sub_heading":"Can we also review your credit report?","icons":{"3ob9mi668":{"class":"fas fa-face-smile","text":"Yes"},"5u9tfhg71":{"class":"fas fa-face-frown-open","text":"Not yet"}},"check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"5ktcu3ta4":{"logic_option":"stg2z2pyfk00000000000000000000","logic_equal":"=","logic_value":"I don't want to know"}}}},{"key":"2jxzyznbhc00000000000000000000","type":"text","label":"Social","heading":"Social Security Number?","note":"Social security number required for us to review your credit","sub_heading":false,"input_mask":"None","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"0vxl77be4":{"logic_option":"yjq9z91feo00000000000000000000","logic_equal":"=","logic_value":"Yes"}}}},{"key":"p9kkar7wtc00000000000000000000","type":"text","label":"Birthdate","heading":"Your Birthdate?","note":"Also needed to review your credit report","sub_heading":false,"input_mask":"None","check":{"conditional_logic":"checked"},"logic":{"show_hide":"show","any_all":"any","conditions":{"27y8pknbk":{"logic_option":"yjq9z91feo00000000000000000000","logic_equal":"=","logic_value":"Yes"}}}},{"key":"ContactInformation","type":"contact","label":"Contact Information","heading":false,"note":"We will never sell or share your information","sub_heading":"Let us send you the information.","contact_form_id":"1367","button_action":"submit-button","check":{"conditional_logic":"checked"},"logic":{"show_hide":"hide","any_all":"any","conditions":{"i30xqdql8":{"logic_option":"stg2z2pyfk00000000000000000000","logic_equal":"=","logic_value":"I don't want to know"}}},"contact_form":"\n\t
\n\t\t\n
\n\n\t\n
\n\tFirst*\n\n\n\t\n\n\n
\n\n\t\n
\n\tLast*\n\n\n\t\n\n\t\n\n\n\t
\n\t\t\n
\n\n\t\n
\n\tEmail*\n\n\t\n\n\n\t\n\n\n\t
\n\t\t\n
\n\n\t\n
\n\tBest Phone #*\n\n\n\t\n\n\t\n\n\n\t
\n\t\t\n
\n\n\t\n
\n\tYour Address\n\n\n\t\n\n\t\n\n\n\t
\n\t\t\n
\n\n\t\n
\n\tCity\n\n\n\t\n\n\t\n\n\n\t
\n\t\t\n
\n\n\t\n
\n\tState\n\n\n\t\n\n\t\n\n\n\t
\n\t\t\n
\n\n\t\n
\n\tZip code\n\n\n\t\n\n\t\n\n\n\n
\n\n\t\n\t\n
\n\t
Copy link
Powered by Social Snap