Disabled Veterans Student Debts Forgiven By Trump’s Executive Order
This Article Is About Disabled Veterans Student Debts Forgiven By Trump’s Executive Order Disabled Veterans Student Debts Forgiven: Kudos to President Donald Trump. President Trump has always preached he is pro-military.He proved he cares for our members of our U.S. Armed Services by declaring Disabled Veterans Student Debts Forgiven by Presidential Executive Order on Wednesday, August 21st, 2019 in Louisville Kentucky. President Trump is doing more to help veterans than any other president in U.S.history.
Disabled Veterans Student Debts Forgiven By Trump’s Executive Order And What This Means?
The news Disabled Veterans Student Debts Forgiven By Trump’s Executive Order is huge.
President Donald Trump announced that his administration will help Disabled Veterans Student Debts Forgiven By Presidential Executive Order. To be eligible, the veteran needs to be permanently 100% disabled.
President Trump made this announcement in front of Trump supporters. Here is what President Trump announced at the annual AMVETS Convention in front of a crowd of over 2,500 in Louisville, Kentucky on Wednesday, August 21st:
We are reawakening American confidence and American pride..We are America first. You didn’t use to hear it very much. You didn’t use to hear it at all. No longer will we sacrifice America’s interest to any foreign power. If our enemies should dare to fight us, they will be crushed with overwhelming American might. No adversary stands a chance against the awesome power of the red, white and blue. There is no military even close to ours.
Many veterans and veteran’s groups are Trump Supporters. Trump has always been pro-military and showed his support for our troops and members of the U.S. Military.
President Trump further said:
This is not a campaign speech. So I will not say, ‘Keep America Great,’ but we’re going to keep America great. In war, there is no substitute for victory. We have an armed forces that’s unparalleled, and to achieve victory, there is no substitute for the unmatched character and courage of those who proudly wear the nation’s uniform.
President Trump recently signed off on a bill that eliminated the maximum VA Loan Limit on VA Loans. VA Loans no longer have a maximum loan limit.
Qualifying For VA Loans With Student Loan Debts
Student Loan Debt is one of the biggest obstacles for homebuyers when it comes to qualifying for a mortgage. This holds especially true for disabled veterans with limited income. With the President signing this executive order eliminating student loan debts for disabled veterans, it will make qualifying for a VA Loan substantially easier.
Here are the VA Guidelines on Student Loans:
Deferred student loans that have been deferred longer than 12 months is exempt from debt to income calculations on VA Loans.
Borrowers can use a fully amortized student loan payments that are reporting on all three credit bureaus.
Borrowers With Student Loans On An IBR Repayment Plan
If the student loan is non-deferred or in an Income-Based Repayment (IBR) Plan, then the following formula is used:
Take 5% of the outstanding student loan balance
Take that figure and divide it by 12 months
The resulting figure will be the hypothetical monthly student loan payment used to qualify debt to income ratios
For more information about this article and/or other mortgage-related topics, please contact us at Gustan Cho Associates at 800-900-8569 or text us for faster response. Or email us at gcho@gustancho.com. The team at GCA Mortgage Group has no lender overlays on government and conventional loans. Gustan Cho Associates are experts in originating and funding VA loans for borrowers with bad credit and lower credit scores. The team at GCA Mortgage Group is available 7 days a week, evenings, weekends, and holidays.
