Asked by Twofamilyhelp, Massachusetts • Sat Mar 3, 2012
I am hoping to get financing for a condo. I am self-employed (over 2 years) and don't have a high income, but I do want to put down a 30% down payment and have years worth of liquid reserves. My credit is over 700. My only problem is this: I have graduate student loans that will be due starting in 2014. My understanding is that when calculating for a conventional mortgage these loans will be amortized at 5% a month. However, I won't actually be paying that much. I will be doing income based repayment where the amount of the student loan payment will be based on the income I make. If the loans were due today I would have a payment of $0 per month. Is there a mortgage lender that would count them at $0 a month aside from FHA? I can not do FHA because the condo is not FHA approved. I would appreciate it if someone with experience with income based repayment student loans could help me out.
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