Posted on: 15th Feb, 2012 02:25 am
I have a private student loan which I’m repaying but I would like to purchase a home now. The loan does not say what the monthly payment is on the credit report. It just shows the full balance. I can't get any documents from the lender to give to underwriter to show payment. Can the underwriter calculate the monthly payments as 2% of the loan balance as it is charged to me?
When you pay your student loan payments, I'm sure that the lender provides you with a payment statement. That statement will be your proof of payment of the student loans to the underwriter.
These non-standard sources of income typically require additional evidence to support the amount of the payment and proof of regular issuance.