qualifying for mortgage student loan?
I'm trying to purchase a home, I have a student loan in repayment but the payment amount is not listed on the credit report.I've contacted the lender and they will not send any documentation.Is it true the lender can use 2% of the loan balance to determine monthly payment and calculate debt to income ratio? by aabout_793_202 from El Sobrante, California. Nov 5th 2012
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
The credit bureau used by your mortgage lender can order what's called a Credit Supplement. They will contact your student loan servicer and obtain the payment amount. This happens quite a bit.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
That is true, and if you owe $10,000 then the payment the lender will use will be $200 per month.. But in most cases, the payment on the student loan would be much lower.. Closer to .5% to 1.25%, so if you have a tight budget, you're better off getting a copy of your statement.. Your lender must provide you with a statement.. They might charge you for it, but they have to make one available to you.. It's possible you can log to their web page and download an electronic statement, and that would suffice, but you need to get a statement.. Also the lender can order a credit supplement, but the UW will most likely want a statement or they will use the 2% rule.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
There are some guidelines for what can be used, some lenders may be more restrictive than others or than the actual guidelines for the type mortgage for which you aplied. Normally a copy of your monthly statement can be used to confirm the amount of the monthly payment. This shouldn't be a big deal - but it can take a few days or sometimes a week to work through.
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
They can do that yes but do you not get a statement or have an account you can log into so you can print something that shows what you pay each month?
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
YOU CAN also get your papers rrom your student loan program where you went to school linda
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
I've never had a client not be able to get information from their student loan lender. Call again.
Derick Condron (rightstartoregon)
#30 ranked lender in Oregon - 598 contributions
If you are 100% un able to get a payment from the student loan yes you can use a %. Have the lender order a payment update thru the credit company they use. We do this all the time and the student loans get an updated payment to show on the credit report
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