Relevant:
- Bank of America Offers Principal Reductions to 200,000 Homeowners
- Beware the Escape Hatch in the New Mortgage Rules
- If a lender gives a mortgage with a payment triple a borrower’s income, who do we blame the foreclosure on?
- Lapsed Student Loan Payments May Cost You a Tax Refund
- New 15-Year Mortgage "Makes Downpayment Unnecessary"
2017-08-02 — forbes.com
The new statement from Fannie Mae makes it clear: Â the reduced payment can be used, even when the payment is $0. According to Fannie Mae, "if the lender obtains documentation to evidence the actual monthly payment is $0, the lender may qualify the borrower with the $0 payment as long as the $0 payment is associated with an income-driven repayment plan."
This is important, because the payment calculation for a student loan (10% of the discretionary income) is different from the DTI requirement of a mortgage. Many Americans could find it easier to qualify for a mortgage while in student loan debt.
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