You will have to pay more than just principal and interest on your home whenever you don’t put 20% down. If
you put less down, included in your monthly payment will be Homeowners Fire/Hazard Insurance, Taxes, and
Mortgage Insurance (MI or PMI). If you have other expenses (such as medical) that would make the house
payment difficult, it’s best to share this with your Loan Officer, we are here to help and we wouldn’t want you
in over your head.
STUDENT LOANS – EVEN IF YOU DO NOT MAKE MONTHLY PAYMENTS ON THEM, THEY DO
COUNT AS DEBT. EVEN WHEN YOUR LOANS ARE IN DEFERMENT, LENDERS WILL SHOW A 1%
PAYMENT AGAINST YOUR INCOME FOR QUALIFYING PURPOSES.