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Kentucky VA Mortgage Student Loan Policy Guideline Changes
VA loans in Kentucky has issued Circular 26-17-02 regarding student loans. This policy will be effective immediately for all Kentucky VA loans.
How to Calculate a Student Loan Monthly Payment:
If the Veteran or other borrower provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing, a monthly payment does not need to be considered.
If a student loan is in repayment or scheduled to begin within 12 months from the date of closing, the lender must consider the anticipated monthly obligation in the loan analysis and utilize the payment established in one of the options below. Calculate each loan at a rate of 5%of the outstanding balance divided by 12 months.
(Example: $25,000 student loan balance x 5% = $1,250 divided by 12 months = $104.17 per month is the…
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