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FHA loans will not accept $0 as a monthly payment. If you cannot get a letter from your creditor stating what your future anticipated payment will be (this can be difficult), you have to use 2% of the remaining balance as a monthly debt obligation. This means you would have to count your student loans as a $1200 monthly debt in your debt-to-income ratios.
Is it 2% or 1% - I've read conflicting amounts......
Thanks.....
@Anonymous wrote:Is it 2% or 1% - I've read conflicting amounts......
Thanks.....
It's 2% for FHA and VA (if you can't get that letter from your lender), for conventional it's 1% or your loan payment, whichever is higher.
@Anonymous wrote:
@Anonymous wrote:Is it 2% or 1% - I've read conflicting amounts......
Thanks.....
It's 2% for FHA and VA (if you can't get that letter from your lender), for conventional it's 1% or your loan payment, whichever is higher.
This ^^^.
Damn.... I think that may have just put us out of reach.......unless we can figure out how to include DH"s income. (that's another post, but I haven't gotten a reply yet).
I could make the DTI at $200 but not at $400 calculated for Student Loan......now I'm sad.
Depending on your student loan you can easily get a statement called the
Student Loan Obligation Statement
my student loan company gave me a statement in 3 days after I requested telling me what I would pay if I did not renew the ibr because u cant use 0.
I got under the old rules and IBR was 0 but the statement showed the amount I would pay and they included that into my dti ratio
the best way to get around that is to call and get off of your IBR setup 100 a month wait 2 months for it to report and then theyll use your payment of 100 bucks dti