Aug 22, 2023
In episode 188 of the Martini Mortgage Podcast, host Kevin Martini discusses the upcoming resumption of federal student loan payments on October 1, 2023, and its potential impact on mortgage approvals. He emphasizes the importance of understanding one's financial position and offers insights on navigating the changing landscape.
Federal student loan payments and interest were suspended in March 2020 due to the COVID-19 pandemic.
As of June 2023, the pause is set to end, with payments resuming on October 1, 2023.
Three things borrowers should know:
During the payment hiatus, credit reports showed $0 obligation for federal student loans. However:
Estimated payment amounts might differ from the actual payments, which could affect the Debt-To-Income (DTI) ratio, a key metric for mortgage approvals.
Income-driven repayment plans for federal student loans:
About Kevin Martini: Kevin focuses on empowering families to create generational wealth via real estate and the right mortgage strategy. He's originated over a billion dollars in home loans since 2006. Recognized as one of the top 50 Mortgage Originators in the U.S., Kevin has been featured in Forbes and CNET. He frequently shares insights at conferences and hosts the Martini Mortgage Podcast. He's dedicated to helping clients make smart financial decisions for wealth growth and future planning. Connect with him on Instagram and YouTube for real estate and mortgage insights.
Kevin Martini | NMLS 143962 | Certified Mortgage Advisor | Martini Mortgage Group at Gold Star Mortgage Financial Group, Corporation | NMLS # 3446 | 507 N Blount St, Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgageGroup.com | Kevin@MartiniMortgageGroup.com | Equal Housing Lender