U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 04-06-2015, 07:32 PM
1 posts, read 970 times
Reputation: 10


I have researched this to no end. I have seen about 100 different opinions all pointing in different directions! My student loans are under IBR (income based repayment) and are only 400 per month, they would be around 1100/ month under regular repayment. I have read that they will just use the 400/month, but then others have said since it's not "fixed", and can change with income etc, that they will use like 1-2% of the total amount, which would jump to about 1400-2800/month. Any ideas?
Reply With Quote Quick reply to this message

Old 04-10-2015, 03:56 PM
Location: MSP
437 posts, read 396,244 times
Reputation: 563
Meet with a lender and go through the pre-approval process. That's the only way to know for sure. And these days, you'll need to get pre-approved before making an offer on a house, anyway. And it's best to know what you can actually afford before you start shopping around and fall in love with a house that's way out of your budget.

My guess is if your income is restricted enough that you're only paying 35 percent of your actual student loan payments, a lender's going to have a hard time approving you for much of a home loan.
Reply With Quote Quick reply to this message
Old 04-11-2015, 07:48 AM
1,049 posts, read 2,412,589 times
Reputation: 1367
They will use what you are actually paying monthly.
Reply With Quote Quick reply to this message
Old 04-11-2015, 09:08 AM
7,616 posts, read 17,735,176 times
Reputation: 8117
It all comes down to what is actually on the credit report. If your credit report show $400, that is what is used. The problem occurs when your credit report comes back w/ $0 payment and the balance is 200K. When that happens, the payment is calculated at 1%-2% (depending on loan type), or the payment in the payback letter your student loan lender will provide you.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top