My wife and I are trying to buy a home. However we have a combined total of $420,000 of student loan debt. How have you guys been reporting student loan payments to mortgage companies even though loans are in forbearance and reflect a current payment of $0 with no quoted/stated payment amount for the future?
Lender took 1% of the total student loan balances as the estimated monthly payment while in forbearance.
We didn't even provide anything. They obtained the numbers from their hard inquiry credit report
I work for a mortgage lender. This is a standard calculation, especially now during the hold on government student loan interest and payments until Sept. This 1% monthly payment counts against your Debt-to-income ratio. DTI cannot exceed 43% so if student loans are your ONLY debt (which they probably are not) - your income per month must be greater than, or equal to, $9767.44 or about $117,210 per year.
Try to prove what you were paying per month before the pandemic forbearance with documents from your student loan lender. Thats what I did