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Debt payments such as a student loan or balloon note scheduled to begin
or come due within 12 months of the mortgage loan closing must be included by
the lender as anticipated monthly obligations during the underwriting analysis.
Debt payments do not have to be classified as projected
obligations if the borrower provides written evidence that the debt will be
deferred to a period outside the 12-month timeframe.
In lieu of obtaining copies of payment letters or forbearance
agreements, the smonthly payment can be calculated using no less than 2% of the
outstanding balance as the borrower’s recurring monthly debt obligation.
Student Loans under an Income Based Repayment plan are
acceptable, however $0.00 payments are not acceptable and loan will be subject
to above 2% rule.