By Bill Lyons | Updated on February 5, 2024
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    The new changes Fannie has put into place will waive the increased fees & higher interest rates associated with “traditional cash out” refinance transactions.

    Mortgage Lenders (including Griffin Funding) have changed how student debt is calculated by accepting the student loan re-payment amount listed on the clients credit report. Previously, lenders were required to factor in 1% of the student loan balance monthly payment on the student loan and many borrowers’ debt ratios were pushed beyond most lenders’ underwriting limits.

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    Students on an “income-based repayment plan” typically have lower payments and now ONLY the monthly repayment amount counts toward the debt-to-income ratio to determine mortgage eligibility.

    Currently there are over 5 million borrowers who participate in federal reduced-payment plans student loans but they often couldn’t qualify for home ownership because of the way their debt to income was calculated.

    Contact Griffin Funding for more information on student loan mortgage options at 888-721-0003 or fill out our contact form.

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    Bill Lyons

    Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 22 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list five times in its 10 years in business.