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I have my letter from Sallie Mae indicating my IBR 0.00 payment for the next 12 months. VA Loan rules that I need to have a 12 months of deferment. I think I did secured the twelve months. However, my LO has told me that I needed one year deferment after closing. If my closing is March 31 and the end date of my 12 month period on Feb 28 2015 my defermment didn't reach my closing date but I have twelve months, anyone have been in this situation before? Thanks
Income Based Repayment is different from a deferment.
Your repayment obligation under IBR $0.00 a month - that is your monthly repayment plan based upon your annual adjusted gross income tax as reported on your IRS Tax Return.
A deferment is a simple post-ponement of payment.
What I don't understand is why do you need to use a deferment when your monthly payment is $0.00 a month. You only have a limited number of years to use your deferment and should only be used in extreme circumstances.