Mortgage Loan Approval and Sallie Mae Student Loan

[Anonymous]

Hello all, long time lurker here. My husband and I are getting ready to apply for a home loan in the next 2-3 months. I am getting all the paperwork ready and looking at minimum payments for our student loans and I noticed that Sallie Mae is listing a monthly amount from 1-2013/12-2013 and then on the other line it lists double the above amount from 1-2014-1-2048....we are under the Income Based Repayment Plan. I did some research online and found out that Sallie Mae does that because you have to apply every year based on your income. Question is...will my loan company/mortgage company use the second amount even if it is not going to be accurate. If so, how can I correct this. My debt to income ratio will be so high that I do not think we will qualify for a decent amount. We are looking at 75-100k homes. I am feeling very defeated right now...

[Booner72]

My IBR pmt amt changed during the processs...I asked them to please update the new amount to the credit reports and all was well. They will go by what is listed on the credit reports, at least they did when I bought a house (FHA)

[Anonymous]

Thanks for the quick response, Booner72. The thing is the amount is not showing as a monthly payment on the credit report. That is why I thought that it was no big deal, they would just ask for a verification letter from Sallie Mae and that is when I went in to look at the verification letter and saw the two different amounts. I guess I will just call Sallie Mae and have them report the amount to the credit bureaus and maybe the loan officer/broker will not need that letter.