Deferred student loans and debt-to-income ratio?
My federal student loans are deferred due to being in a graduate program half-time and would like to buy a condo closer to my university. How long must a loan be documented as "deferred" before a lender will not consider this in the debt-to-income ratio. A coworker's lender (a large bank) did not count the Plus student loan she took out for her daughter due to her daughter being a freshman with an anticipated graduation date three years out. Affordability and a down payment is not an issue. Does anyone know the answer to this specific question? Thanks!!
Your question is way too difficult. I need to know the state you are in the lender you were talking too etc.
All lenders have different guidelines and they change per state. Your question is impossible to answer. It will be different for every lender for every state.
If I would have to throw out a dart, 3 years. They wont count it in 95% of the cases. But in 10% of the time lenders wont count it in one year. I had a list when I did these and still do. I underwrite my own files and I say okay this? Cant go to these 50 national banks, but it can go to these 10 (same rate same price).
You need a really good broker to check all the options in your state. Good Luck I wish you well.
If your broker isnt approved with at least 50 lenders keep checking.
powered by Yahoo Answers
This entry was posted on Wednesday, February 11th, 2009 at 8:58 pm and is filed under Deferred student loans. Follow the comments through the RSS 2.0 feed. You can post a comment, or leave a trackback.
Your question is way too difficult. I need to know the state you are in the lender you were talking too etc.
All lenders have different guidelines and they change per state. Your question is impossible to answer. It will be different for every lender for every state.
If I would have to throw out a dart, 3 years. They wont count it in 95% of the cases. But in 10% of the time lenders wont count it in one year. I had a list when I did these and still do. I underwrite my own files and I say okay this? Cant go to these 50 national banks, but it can go to these 10 (same rate same price).
You need a really good broker to check all the options in your state. Good Luck I wish you well.
If your broker isnt approved with at least 50 lenders keep checking.
References :
30 years mortgage real estate exp. FHA, VA, Fannie Mae, Freddie Mac trained underwriter.
May 20th, 2009 at 2:52 am