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@Anonymous wrote:
So how did you get preapproval with your student loan debt? Who did you go through? I too have students loans I am concerned will interfere will the loan process. Thanks!
Hi! I should update this thread. Yes I was able to obtain a loan! My LO said that Fannie Mae had updated how they calculate student loan debt. I am currently on an IBR due to my low salary. I was able to use my monthly IBR payment to be caluclated into my DTI. So if you can qualify for a conventional loan you should ask about it! Good luck!!!
Some Lenders have access to loan programs that will use the actual payment to qualify you while other lenders will be required to use 1%. I would reach out to several different lenders to see what their guidelines are. My company can use your actual reported payment for a conventional loan.
@Anonymous wrote:
@Anonymous wrote:
So how did you get preapproval with your student loan debt? Who did you go through? I too have students loans I am concerned will interfere will the loan process. Thanks!Hi! I should update this thread. Yes I was able to obtain a loan! My LO said that Fannie Mae had updated how they calculate student loan debt. I am currently on an IBR due to my low salary. I was able to use my monthly IBR payment to be caluclated into my DTI. So if you can qualify for a conventional loan you should ask about it! Good luck!!!
Yes, this is true ^^^ Fannie Mae recently (2017) changed their guidelines to allow the IBR payments as long as that is what shows on your credit report. FHA requires the 1% calculation still. For those with high student loan debt, it pays for you to get on the IBR payment plan before you make application for a mortgage. Congrats pecanpie!