Are there any mortgage lenders that only count actual student loan payment towards debt-income ratio

[accjohn1990]

I have about $40,000 in student debt and an income of 12,000.  I am in income based repayment and owe $0 to student loans a month, but FHA counts 1% of my student loan as my monthly debt.  Because of this i don't qualify.  Are there any lenders that use the actual loan payment for the debt-income ratio?  I think this policy makes no sense because the only way i would ever have to pay more than $0/month is if my income went up and if that happened then i would be better able to make mortgage payments.  Why consider a potential increase in debt obligation without the increase in income that would accompany it?

[StartingOver10]

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@accjohn1990 wrote:

I have about $40,000 in student debt and an income of 12,000.  I am in income based repayment and owe $0 to student loans a month, but FHA counts 1% of my student loan as my monthly debt.  Because of this i don't qualify.  Are there any lenders that use the actual loan payment for the debt-income ratio?  I think this policy makes no sense because the only way i would ever have to pay more than $0/month is if my income went up and if that happened then i would be better able to make mortgage payments.  Why consider a potential increase in debt obligation without the increase in income that would accompany it?

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If your gross HH income is $1000/month, I don't see how you would be able to qualify for a mortgage even without the student loan debt. The max allowed for the total debt ratio is 56.99% (for an FHA type loan)  so you would be limited to $569.90 for all of your debt including your new housing payment (principal, interest, property taxes and homeowners insurance + mortgage insurance).  Are you in a very low cost area?  Have you checked housing prices (including property taxes and homeowners insurance)? 

Consider working on increasing your income first before you apply for a mortgage. As others have pointed out in other threads, the mortgage is just the start of your expenses. You need to have the resources to maintain your property too. 

[accjohn1990]

I do not see my income increasing in the future because i am on disability.  I get an additional 12k a year in student loan disbursements but i dont know of any companies that allow aplicants to include that as income.  I am in an area with very affordable homes.  There are good houses for sale for 30k and taxes are about 1k a year

[StartingOver10]

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@accjohn1990 wrote:

I do not see my income increasing in the future because i am on disability.  I get an additional 12k a year in student loan disbursements but i dont know of any companies that allow aplicants to include that as income.  I am in an area with very affordable homes.  There are good houses for sale for 30k and taxes are about 1k a year

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Student loan disbursements is not income....its additional debt.  This does not sound like a viable lifestyle if your debt is increasing at $12k per year.  Based on the info you provided, even with the low cost homes, your low income  coupled with your increasing debt sounds very difficult. How would you be able to show you can repay the debt? Right now it sounds like you are living on student loan disbursements. 

[accjohn1990]

Im working on my mba online and i hope to return to work eventually and become an adjunct instructor at a community college.  If i still cant work once im done with college i should be able to get my student debt cancelled if i am still disabled