I’m trying to obtain a mortgage for the first time and completed an application through a local credit union. My file went to underwriting and came back with only one hiccup my student loans!!!
My student loans are currently in forbearance and the underwriter initially gave the set 2% of the student loan balance which is $ 1,400 a month and clearly put me over my DTI! I then submitted my repayment sheet that shows when my loans come out of forbearance my payment is only $ 255 a month which puts me to where I need to be for my DTI! The issue is the repayment letter says “estimate” because while in forbearance interest is accrued and the amount might change by a couple of dollars when it comes out of forbearance.
My question is does anyone know of any lenders that will accept the letter with the word “estimate” or should I just take the loans out of forbearance and let the permanent payment populate and then show proof! My loans are due to come out of forbearance in September anyway so it’s only a couple months difference. Lastly my repayment shows my payments increasing by $ 50 every two years will this make a difference too? How far into the future are student loan payments looked into?
I’m sooooo over this mess!!! Any help or advice is much appreciated!!