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Answers (12)
- Andrew Adams, "203K Specialist"
- Contributions:9349
Makes no sense to me if you can't get the letter from Sallie Mae how does he propse to get the letter from Sallie Mae?
- undeadly1103
- Contributions:9
my wife checked into consolidation and for the near future, income based repayment will be the best option for a lower monthly payment. until i graduate and have income or until her income is higher and will offset the interest rate for consolidation, she is going to stick with IBR. we need the lowest monthly payment we can get, especially if we want to even think about a house in the near future. this new lender says he can get the estimate from sallie mae for us. we are meeting with him tomorrow to discuss specifics. hope it works out!
- Andrew Adams, "203K Specialist"
- Contributions:9349
If it's not a portfolio lender it's not going to happen with out an estimate of the monthly payment. Have you thought about consolidating all the students loans to one loan with on payment. It may make it easier to obtain a realistic monthly payment.
- undeadly1103
- Contributions:9
thanks andy, i think we have to terms with the fact that its not gonna happen. the bad thing is that we have found that perfect home, for the price we needed, in the perfect location, and it is very hard to accept that the only thing standing in the way of getting it is something like this. we are speaking with a different lender that our realtor referred us to. shes said that they just got approval for someone in this exact same situation. so we will see if someone else can do something for us. if anyone can suggest any other options, i am open to try! thanks all!
- Andy Matejka, "tejks"
- Contributions:352
People have been in this similar type situation before; especially the banks, which is why you will be stuck between the proverbial rock and a hard place......for the time being. Unfortunately, until she begins paying back any of the student loans the bank will not calculate a payment which puts you in a holding pattern; especially with an AGI of only $4666 per month.
Here's the fun part. Over time, perhaps even as soon as next year, you will be able to use the higher income along with having begun the repayment of the student loans you should be ok. Take this time to brush up on the mortgage process, compare what you want in a home and keep a lookout for that perfect home. Deals will still be had.
Not what you want to hear, but barring other options, (and we might still be missing something and lending guidelines might change) you may simply want to prepare yourself for the purchase at a later date by accumulating savings so that you can make a stronger loan file when the numbers comply with approvable guidelines and lender overlays.
I would seem to think that your loan officer is seeking solutions to the situation, I think that's what we are all good at doing so continue to ask and learn.
Here's the fun part. Over time, perhaps even as soon as next year, you will be able to use the higher income along with having begun the repayment of the student loans you should be ok. Take this time to brush up on the mortgage process, compare what you want in a home and keep a lookout for that perfect home. Deals will still be had.
Not what you want to hear, but barring other options, (and we might still be missing something and lending guidelines might change) you may simply want to prepare yourself for the purchase at a later date by accumulating savings so that you can make a stronger loan file when the numbers comply with approvable guidelines and lender overlays.
I would seem to think that your loan officer is seeking solutions to the situation, I think that's what we are all good at doing so continue to ask and learn.
- undeadly1103
- Contributions:9
i wanted to add that surely people have been in this exact situation before. we have been at this exact same spot for three weeks. at what point does the lender either send us on our way with a denial or they actually get creative with some alternative and push this loan through? for once, we want to give someone our money, but they dont seem to want it very badly. we are very close to calling it off.
- undeadly1103
- Contributions:9
thanks for the answers everyone. the home loan amount is $196000. the student loans are broken up into many smaller loans, but in total amount to roughly $205,000. each separate loan has its own separate rate. the rates range from 2.5%-8.5%. my wife is a pharmacist so her income is $105,000/year. that breaks down to roughly $2000/week. i am not able to co-borrow because i am a student and dont any real money right now. since we cannot get the estimate, the lender is calculating the student loan repayment to be $2400/month, which is incorrect because she will be on income based repay. using the online calculator on sallie mae's site, the payments ranged from roughly $500-$1100/month over the life of the loan. however, the amount sallie mae will use come november, is her adjusted gross income from her 2010 tax return, which was $56000. this is because she was a student for the 5 months of the year. i hope that is enough info. i just dont understand how the lender can calculate such a high payment if they know my wife will be on income based repayment, which sallie mae confirmed with them on the conference call. why cant they use the same criteria sallie mae uses to determine an amount? ignoring the fact that the amount will be based on her income while calculating this amount is just false information and seems like a very shadey business practice.
- Justin Coleman, "UtahLoanProfessional"
- Contributions:72
I have a worksheet that we use to calculate the loan payment. I need the Following:
Loan amount going into repayment and the rate the loan will be charged
It will probably be the 6% or the 6.80% rate.
Loan amount going into repayment and the rate the loan will be charged
It will probably be the 6% or the 6.80% rate.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Don't ask them for a future payment ask them to provide an estimate of what the repayment terms would be if you started paying on the student loans today.
- Clay Branch, "Georgia Loans"
- Contributions:7839
How many student loans are you talking about, what is the loan amt(s) and what monthly payment(s) is the lender using?
- Kathryn Gorham, "kgorham"
- Contributions:12
Undeadly,
I read through your question and Andy's answer and I have to agree wit Andy... you best chance is co-borrowing (if credit scores and income support that) or finding a creative way to pay off or down that loan or others. Trying to get to someone in Sallie Mae who may have the authority may be a tall mountain to climb and there's no guarantee they'll even cooperate depending on their internal rules. Your chances of success are greater is you assume they aren't going to play so where do you go from here?
I read through your question and Andy's answer and I have to agree wit Andy... you best chance is co-borrowing (if credit scores and income support that) or finding a creative way to pay off or down that loan or others. Trying to get to someone in Sallie Mae who may have the authority may be a tall mountain to climb and there's no guarantee they'll even cooperate depending on their internal rules. Your chances of success are greater is you assume they aren't going to play so where do you go from here?
- Andy Matejka, "tejks"
- Contributions:352
How much is the student loan? Can you pay it off before closing with savings? Can you pay a portion of the loan off so that your calculated payment fits you into the guideline? or Are there any other credit obligations you can pay off (car loans or credit cards) that free up some of her buying power? Have you looked into becoming a co-borrower?
Unfortunately, your situation occurs regularly and it could have you restricted to a less expensive or more affordable home.
Unfortunately, your situation occurs regularly and it could have you restricted to a less expensive or more affordable home.
Underwriter needs official Sallie Mae future payment amount. They won't give it.
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