If you are a recent medical, dental, or nursing school graduate, the chances are that you have tens of thousands of dollars in student loans. Student loans are government loans and you cannot escape not paying student loans like you can other loans. Student loans will never be charged off and if you are delinquent on your student loans, you cannot qualify for another government loan program including home loans. Student loan providers do understand that recent graduates of medical schools, chiropractic schools, nursing schools, veterinary schools, and dental schools often times take them time to get started with their new careers and will give a deferment on their student loans for at least one year or more. Before you go behind on your student loans or if you are not able to pay your student loans, consult your student loan provider and see if you can get your student loan payments deferred medical student loans tax deductible.
As mentioned on the above paragraph, you cannot have student loans delinquent and/or in collections and qualify for a residential mortgage loan or any other types of government loans or loans that is backed by the government. You can qualify for a mortgage with deferred student loans but you cannot qualify for a mortgage loan if your student loans are in default or in collections. Many doctors and dentist as well as veterinarians not only have undergraduate student loans but student loans from medical schools, dental schools, and veterinary schools which can often times be way more than $200,000 especially if you have graduated from private universities and professional schools. If you are only making $70,000 per year and have close to $200,000 in student loans and your monthly payments are $1,000 per month, that can create a problem. Many doctors and other healthcare professionals are overwhelmed at the balance of their student loans that they get discouraged and let their student loans go into default without contacting their student loan providers. If you have a low paying starter job or are having difficulty finding the first job after graduating from medical or other healthcare school and cannot meet the minimum monthly student loan payments, contact your student loan provider and see if you can get your student loans deferred until a later date when you can afford the monthly minimum payments medical student loans average.
One great benefits of FHA Loans is that FHA Loans exempts deferred student loans from debt to income calculations as long as the student loans are deferred for at least 12 months. If your student loans are deferred less than 12 months, then the student loan payments after the deferment period will be counted towards your debt to income calculations. You can contact the student loan provider and see if you can get an extended student loan deferment if your student loans are deferred less than 12 months if you have high debt to income ratios and need to qualify for a home loan and have your student loan payments exempted from your debt to income calculations medical student grants.
Fannie Mae and Freddie Mac, the agencies that is in charge of medical student loans forgiveness guidelines, have different views on deferred student loans. Deferred student loans are not exempt from debt to income calculations on How to Manage Vacation Property. If you have deferred student loan that are greater than 12 months, your monthly student loan payments will be counted towards calculating your debt to income ratios after the deferment period is over. If you cannot get a monthly proposed minimum payment on your health student loans after your deferment period is over from your student loan provider, than the mortgage lender will take 2% of your student loan balance as your monthly minimum student loan payment. If you would like to know more information about medical student loans repayment just call us. Medical student loan consolidation and medical financial aid.