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| Name | How To Get A Loan With An Income Based Repayment Plan IBR Student Loans |
| Video Uploader | Video From Win The House You Love |
| Upload Date | This Video Uploaded At 04-02-2020 22:22:48 |
| Video Discription | Will Income Based Repayment change your mortgage? IBR is very common if you have student loans! We'll cover the right mortgage to get with IBR. ๐ง Listen To The Podcast https://plinkhq.com/i/1493715474 Income-based repayment is a tool that many buyers use to qualify with a lower student-loan payment. If you currently have a student loan that's too high for your monthly income, you can qualify for IBR. In this process your student loans will be lowered monthly depending on your income range. So, how do you get a mortgage with income-based repayment? When you're looking to become a homeowner, it's daunting to go through the mortgage process especially if you have student loans. But, student loans are nothing to be afraid of since they're almost exactly like every other kind of debt: auto loans, credit cards, etc. So, the first step would be to talk with a mortgage broker so you can figure out if student loans are even going to affect you purchasing a home. If you're a first-time home buyer, then this might be a new process for you. It's not that difficult... search for mortgage brokers in your area and then contact one and let them know of your plans for the future. A mortgage broker is going to be able to help you decide if you need help qualifying with your student loans. If so you'll get guidance throughout the process. The main loan that you will want to get if you have income-based repayment is a conventional loan. The reason why is that conventional loans are the best type of loans for student loans on a repayment plan because they are one of the only loans that allow income based repayment plans. Only conventional loans and VA loans allow income based repayment on a mortgage FHA and USDA loans do not allow income based repayment. If your loans are currently deferred or if your monthly payment doesn't show up on your credit report, then lenders have to use payment rules to determine the monthly payment used on your debt to income ratio. So, why is income-based repayment and student loans a big factor on a mortgage application? The main reason IRB is a factor on a mortgage is because student loans can easily push a debt to income ratio too high for somebody to qualify for mortgage. The lower the debt to income ratio is, the easier it is for a buyer to purchase a home. Being on an income-based repayment plan is nothing to fear when going through a mortgage application. Most people get overwhelmed by student loans in the impact that they have on the rest of their life, but most of the time it is not an issue at all. If you're on an income-based repayment plan, you'll most likely end up going with a conventional loan. If you can't qualify for either of those options, then an FHA or USDA loan might still be a great fit as long as your student loans can fit inside of the debt-to-income ratio. Ultimately, the best way to figure out what's the best route is to talk them into fights on the next steps you need to take. RELATED VIDEOS 1) What To Ask A Realtor When Selling A Home https://youtu.be/QG9sWJr207A 2) How To Find A Realtor (For First Time Home Buyers) https://youtu.be/a_uPn7lIF-Y 3) Fully Prepare To Buy A House (Step By Step Guide) https://youtu.be/ujc7775SDEk 4) What's The Typical Down Payment On A House? https://youtu.be/LwzxU4nmiUQ 5) Should You Use Your Tax Return As A Down Payment? https://youtu.be/znTivRsy4Lc Hey, my name is Kyle and I'm a Loan Advisor serving Tennessee, Florida, and Ohio. I help you get a crystal-clear home loan so you can win the house you love. https://www.winthehouseyoulove.com/ --- Legal --- NMLS# 1701021 Motto Mortgage Alliance https://www.winthehouseyoulove.com/ 8900 N. Dixie Dr. Dayton, OH 45414 Equal Housing Opportunity |
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| Tags | income based repayment plan and mortgage | student loans and buying a house | ibr | student loans | mortgage | home loan | repaye | 1% rule | graduated payments | homebuyer | homeowner | underwriting guidelines | student loan | income-based repayment student | va student loans | fha student loans | fannie mae and freddie mac | usda student loan | win the house you love | kyle seagraves | student loan debt |
