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Hello....question....so you used IBR or actual standard payment?
Yeah I see. Oh ok. Thanks. I have to go with a conventional loan at 3% down. LO found one yesterday because the 1% of my student loan debt would have been a NO GO for me.
There are a lot of us out there with student loan debt. If I used 1% my payment for that one bill alone would be 750/month! Crazy because I don't know of anyone that pays 1% on student loans.
I just applied for a consolidation loan, the sad part is I have to take a semester off from school so that I can consolidate. They wont do it while in school. But at least I'll have an actual payment amount that will not be anywhere near 1% and it'll amortize the loan in 30 years. I went for 30 years because I thought it would be the lowest monthly payment. I qualify for IBR but the lender will not use it because it doesn't amortize the loan.
The broker I use says he comes across this issue all the time and unfortunately people with good credit and good jobs cant get a mortgage because of the rules on dti. Our national economy needs people to buy homes but it is the politicians that put into place some of these very strict rules about student loans.