Hi all,
So I had an Income based repayment plan that I completly forgot I had to update for the new year. My student loan payment went up $450 a month. My wife and I are trying to save for a house and while we can make that payment, it will hamper our ability to save, especially when I've already submitted the paperwork to get a new income based repayment plan for the next 12 months.
My option was to take a Foreberence for a few weeks for the paperwork to go through and then I'd be all set. My concern is when we go house hunting in the next 5-6 months and want to get a mortgage this will be a huge negative to lenders (we are going through a first home club savings plan and through a housing partnership). I've paid faithfully to my student loan and have no late payments, but with the payments shooting up so much it was a shock to say the least.
Will having any foreberence on my student loans be looked at negativly? This foreberence will be gone, and I will be back to paying my normal (or a bit higher) amount for my student loan by January at the latest (lady at the federal loan place said she would try and speed the process so it posts by the 28th of this month). So when we go to get any loan I will not be in foreberence.
So how bad would this look?
