FANNIE FREDDIE FHA VA RD - gmfsmortgage.com
FANNIE
FREDDIE
FHA
VA
RD
Student Loan Payment used to
Calculate DTI
Deferred Student Loan Payment
Re-payment Plan Federal Student
Loans (Income Based)
Re-payment Plan Private Student
Loans (Income Based)
Include in DTI: ? Monthly payment from
credit report or
? 1.0% of loan balance or
? the documented full amortized payment.
Use 1.0% of Loan Balance to calculate DTI
Use current payment from re-payment plan
in DTI to qualify
Use fully amortized payment in DTI to qualify. Cannot use the minimum from the Re-payment Plan
Include in DTI: ? If the monthly payment
from the credit report is greater than zero, use that payment or payment from other documentation.
? If payment on credit report is zero, use 0.5% of balance from the credit report.
Calculate 5% of student loan balance divided by 12... then...
? If calculation is > bureau
Include ? the payment amount
reported on the credit
reported payment, then verify and use payment from lender
report
? If calculation is < bureau
or ? The documented payment
reported payment, then use bureau payment
amount if above zero, but below what is reporting on the credit report
or ? 0.5% of the outstanding
Student Loan Payments are not included in DTI calculation if payments are
deferred over 12 months past the closing date
loan balance, when the
monthly payment on the
Borrower's credit report is
zero.
If Income Based
repayment plan has
12 months remaining at the reduced amount the lower
amount can be used in DTI
Include the payment as follows:
Fixed payment loans: A permanent amortized, fixed payment may be used in the debt ratio when the lender retains documentation to verify the payment is fixed, the interest rate is fixed, and the repayment term is fixed. ? Non-Fixed payment loans: Payments for deferred loans, Income Based Repayment (IBR), Graduated, Adjustable, and other types of repayment agreements which are not fixed cannot be used in the total debt ratio calculation. The higher of one half percent (.50%) of the loan balance or the actual payment reflected on the credit report must be used as the monthly payment in the underwriter decision. No additional documentation is required.
V.6.6.22.21
This information is intended for use by Mortgage Professionals only and not for distribution to the general public or an advertisement to extend credit as defined by Reg Z. Program availability, parameters, rates, pricing, eligibility terms, and conditions are subject to change without notice and may not be offered in all states. GMFS LLC, 7389 Florida Blvd, #200A, Baton Rouge, LA, 70806, NMLS# 64997
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