First time homebuyer with deferred student loans?
I have a question. My lender is trying to put in the the My Community Mortgage Program… I believe someone had told me that even if my student loans are deferred, they must count them in the debt-ratio. My student loans are deferred until December 2011. Can someone tell me what the best program would be for me? I make 34 k a year and in 2005 i recieved 500 christmas bonus and in 2006, $3500 in christmas/profit sharing bonuses. Can these be averaged? I am also anticipating $6,000 this year. THANK YOU FOR ANY ADVICE.
It is a mystery to me where anyone with 40K year salary can buy a house. Where do you live, in Idaho?
This entry was posted on Friday, February 1st, 2008 at 12:00 am 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.
If you trust your banker or mortgage lender, they would have the most complete data. Make an appointment to discuss your options and bring all your salary, credit card debt, and loan amounts. With the mortgage software, it only takes a few minutes to input your data. This way you will get an accurate estimate of what you can afford in monthly payments for a mortgage.
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November 22nd, 2008 at 1:45 pm
It is a mystery to me where anyone with 40K year salary can buy a house. Where do you live, in Idaho?
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November 22nd, 2008 at 2:28 pm
Most lenders require the deferred student loan payments to be included in their debt ratios. However, I had a lender recently that asked for documentation of deferrment for atleast three years and we were able to get around that.
The My Community is the best program out there right now for 1st time homebuyers, in my opinion. A lender can only average your bonuses for the last two years, so they are not helping much with your debt ratios, they cannot go off of a projected amount for this year.
Good luck!
Shoot me an email if you have any more questions or obtaining financing in Florida! andrea@afmc.biz
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10 yrs in the mortgage biz!
November 22nd, 2008 at 2:55 pm