Hoping someone could give me accurate info. I plan on going through preapproval March/April. I am currently paying income based payment of $ 165 on 80k of loans. I entered into a post grad program in August which added 20k these past few semesters. I called to have the 20k added to the 80k to adjust my income based payment. However, they told me that they cannot take those loans out of deferrment because I am still enrolled into the program for which they were charged. This is pathetic, but the question is how will they calculate the 20k that is deferred? Is it 1% or 2% of that Balance? 2% would cripple is in adding $ 400 to our debt to income. My numbers are:
Income: 65k employed 2.5 yrs in this district
Car debt: $ 430
Student loan: $ 165 + $ 400?
Flood loan: $ 50
Credit card: $ 25
If the 2% is true, what do you think I would get pre approved for with student loan total being $ 565 (165+400)? This will be most likely USDA but possible FHA if we found something just outside usda zone.