HUD recently passed a new rule requiring lenders to penalize borrowers with student loan debt. Starting June 30th people lenders will assume your monthly student loan payments are 2% of the loan balance despite what your actual payment may be or the status of your loan. So for example, even if your payments of a $300K loan are $50, lenders will assume you pay $6000 each month. This will be used to prevent you from qualifying for a home loan. This new rule will unreasonably prohibit many educated, employed and productive citizens from owning a home and securing a future for their families. We the people ask that HUD and FHA only consider student loans as installment debt and use the payment agreed upon between the lender and individual when calculating monthly debts!
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