Question on FHA loan
I have an FHA loan and I want to know if the underwriter will use the monthly payment amount that’s through an IBR plan if it’s under this COVID forbearance since it’s not a requested forbearance? by duncand812 from Phoenix, Arizona. Feb 2nd 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
It gets a bit complicated, as the rules vary for different circumstances. But essentially for FHA, even if deferred or an IBR payment, we will use the greater of 1% of the outstanding balance, or the actual payment, whichever is higher. On a conventional loan that is deferred, we can use as little as 0.50% of the outstanding balance. if you have an actual payment, even if an IBR payment, we will use that actual payment amount. I lend in MN WI IA SD and ND. Find me at WI-MortgageBroker.com, Cambria Mortgage, NMLS 274132
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