Student Loan Borrowers In CARES Act Forbearance Can’t Buy Or Refi Homes
Bri Lacy, an attorney in Florida, was ready to purchase a home. She contacted her lender to get pre-approved for a mortgage. But there was a problem — her federal student loans were in an automatic forbearance due to the CARES Act, and having no student loan payments due was unacceptable to her mortgage lender.
Lacy explained, “I don’t have a billed amount. Even though I have documentation that says what my monthly student loan payment is under an income-driven repayment plan if I was not in forbearance, the underwriter of the mortgage loan uses a 1% [of the student loan balance] figure to determine my monthly student loan payment.” As a result, the mortgage lender concluded that Lacy’s student loan payment is hundreds of dollars higher than what it actually would be if she was not in the CARES Act forbearance.
“I’m quite bummed,” she said. She said that she can either choose to pay much higher payments installment loans PA than she needs to right now under the terms of the CARES Act, just to be qualified for a mortgage, or she may have to wait and potentially miss out on some of the lowest mortgage interest rates she has seen in years. (more…)
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