I have been reading all of the messages on here. I have a few questions. I know a few have been answered.
1. My mother and my family live in two different mobile homes. I want to add her to our account since she is going to live with us when buy our home. I am pretty sure I have to include her income. With that we pay double utilities, lot fees, (homes are free and clear). She is on Social Security. I assume I will need to upload her tax documents, and proof of income. Will I also need to pay the member fee for her? I should be able to use her lot fee as part of our payment shock? She will be paying “rent” to us to help pay for the mortgage and utilities.
2. Student Loans: I know I can’t be on the IDR Income Driven Plan. However, my student loans are as much as a house. (stupid mistakes in college, and switching degrees with bad universities). From my understand, I have to get a letter stating how much my payments would be if I wasn’t on the IDR?
3. Checking Accounts: My mother has her checking account, I have one at BOA w/savings, Son has one at BOA to teach him about money, and not have to give him cash all the time, and then the family has another account at another bank. My ex, pays child support to the BOA account that is in my name. Should I consider consolidating all of them. I was hoping to have one account to keep the housing payment shock.
1 – No, you will not have to pay an additional membership since she will be part of the household at the your new home.
2 – I think you’ve misunderstood some things. It is perfectly okay to be on an Income Based Repayment Plan. The only restriction is that you cannot have a ZERO payment. If you have a zero payment, you would have to obtain a letter stating how much your non-zero payment would be under the IBR.
3 – Consolidating would be helpful but not a requirement. Plus, the accounts of household members under the age of 18 are not required to be included. The issue you are going to have with so many accounts is that it makes it that much harder to determine whether or not you have met your Payment Shock Savings requirement each month. Remember that the sum total balance of all accounts must increase by the Payment Shock amount every month without fail. Simply putting the money in a separate account will not qualify since the other accounts can affect the total balance, which is the only amount that means anything. Thus, the more accounts you have, the greater your chances of missing the mark.