Re: Help me decide whether to take on more loans or not!
08-07-2011 08:04 PM
"So does it really matter if I, on paper, have "more debt?" Because while I might be paying longer, I won't have to pay a larger monthly payment.... as far as I can tell, even if I wanted to be on a mortgage later, I think I could (right now we're considering a mortgage in a couple years only in my husband's name), so long as I can present evidence of what my loan payment is, the high debt won't hurt much with that)."
I am not as familar with the ICR plan as I am with the IBR plan. What I have read on the Facebook group, The Project on Student Debt, is that people who have signed up for the IBR plan are having difficulty getting approved for mortgages because of their debt to income ratio. At this time, banks are not factoring the adjusted IBR payment, even if the payment is $0.00. I hope this gets straightened out soon or I'll be renting for the next decade. People have found work-arounds for this problem, such as opting out of the program for a short time, then trying to quailfy for mortgage, then signing back up for IBR again, or timing one's mortgage application day/closing day to the exact day of IBR renewal (yeah, right!).
If your husband applies for a mortgage in his name only, does the bank factor your debts into the equation since he is supporting you and your family?
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