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Student Loan Borrowers In CARES Act Forbearance Can’t Buy Or Refi Homes

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 small 600 dollar loan 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. Read more

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