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so confused

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Anonymous
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so confused

What are the new guidlines for buying a house when you have student loans? My student loan payment in 800 dollars a month... 

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Scupra
Super Contributor

Re: so confused

What type of loan?

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
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Message 2 of 3
Scupra
Super Contributor

Re: so confused

Quote from dpeezy:

 

"FHA will take the payment on your report, but conventional will take the higher of 1% of the balance or the actual payment... unless the borrower can prove the actual payments will fully amortize the loan without payment adjustments. Basically, conventional loans don't like the graduated or IBR repayment options unless the actual payment is higher than 1% of the remaining balance."

 

Hope that helps!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 3 of 3
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