Student Loans

Fannie Mae

  1. Amount listed on credit report
  2. Monthly payment on student loan documentation (if not on credit report)
  3. Income-driven payment plan documentation
  4. OR exclude payment if 12 months cancelled checks from party paying 100% of debt with no lates

Freddie Mac

  1. If amount on credit report is greater than zero, use that
  2. OR if the amount on credit report is zero, use 0.5% of the balance

FHA

Use the greater of:

  1. 1% of the outstanding loan balance
  2. OR monthly payment on credit report
  3. OR the actual payment, if the payment will fully amortize over its term

VA

Fixed payment loans:

  1. Allowed if lender retains documentation to verify the payment is fixed

Non-fixed payment loans:

  1. 0.5% of the outstanding balance
  2. OR current document payment plan