Tag: IBR

Student Loan Payment Calculation of Monthly Obligation, FHA Mortgage Letter 2021-13 – Dated June 17, 2021, May be implemented immediately, but must be implemented for mortgages with case numbers assigned on or after August 16, 2021.

Written by: Tracey Rumsey, Staff Writer FHA issued a game changer with this update!  Be sure to read through this article about how they changed student loan payment calculations. Rule Synopsis: NEW Chart Added to Mortgage Currentcy – Student Loan Payments – Calculation Examples – All Agency Comparison Effective dates May be implemented immediately but […]

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Fannie Mae -Student Loans – Documenting Income-Based Repayment Amount

Question: My borrower is on an income-based repayment plan for his student loan, which is $0/month. I have a statement showing the $0 payment as well as the credit report showing a $0 payment. However, processing believes I need more documentation that he is truly on an IBC. What do you recommend that I get? […]

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Fannie Mae & Freddie Mac – Student Loans – IBC: What payment is used for Fannie & Freddie for an income-based repayment [IBC] student loan? [Student Loan Chart – Student Loan Lunch & Learn]

Answer: Fannie Mae B3-6-05 Student Loans If a monthly student loan payment is provided on the credit report, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student […]

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