IBR Payment Showing Full Amortization

[Anonymous]

Hi all,

I checked my credit reports and also received a credit reference letter that shows my IBR payment of $143 for each month for 132 months. Have you guys seen this before. I know that I signed up for student loan forgiveness because I am a teacher and it will be forgiven after 10 years. Will a mortgage lender use my $143? There is nothing showing on my amortization schedule that my payments changes or I have to reapply. thanks

[VALoanMaster]

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@Anonymous wrote:

Hi all,

I checked my credit reports and also received a credit reference letter that shows my IBR payment of $143 for each month for 132 months. Have you guys seen this before. I know that I signed up for student loan forgiveness because I am a teacher and it will be forgiven after 10 years. Will a mortgage lender use my $143? There is nothing showing on my amortization schedule that my payments changes or I have to reapply. thanks

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Hi Scorpiobee,

As long as that payment will fully amortize the loan over it's term lenders can use that payment when calculating your debt to income ratios for an FHA or Fannie Mae loan.

[DallasLoanGuy]

agree with above. if it fully amortizes... it is good