Defferred Student Loans and DTI

[Anonymous]

Have you heard of DEFFERED student  loans being included in DTI ?

When I went into BofA for preapproval in Sept they did not include my student loans which are deffered until I graduate in May 2010. I am supposed to close tommorrow and the LO just now calls and tells me to get a lower HOA by raising deductible b/c my DTI is 45.35% which is .35% too high. I asked how it got so high and they said it went up after they took into account my student loans. They are aware the SL are deffered.

[DallasLoanGuy]

tell the loan officer to lower your rate to get you under the dti limit.

banks can add on to fha guidelines. they all do to some extent

[dianas]

So FHA allows 45% DTI? That's better than I thought. I might do OK.

[BrianB_The_Loan_Professor]

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@dianas wrote:
So FHA allows 45% DTI? That's better than I thought. I might do OK.

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Yes and no

FHA will go as high as the automated system will accept however their set ratios are still 31/43. If you dont get approved by automated this is what the underwriters write to.

Brian

[ShanetheMortgageMan]

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@Anonymous wrote:

Have you heard of DEFFERED student  loans being included in DTI ?

When I went into BofA for preapproval in Sept they did not include my student loans which are deffered until I graduate in May 2010. I am supposed to close tommorrow and the LO just now calls and tells me to get a lower HOA by raising deductible b/c my DTI is 45.35% which is .35% too high. I asked how it got so high and they said it went up after they took into account my student loans. They are aware the SL are deffered.

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What type of mortgage is this?  Some mortgages (conventional) include student loans in the DTI and some do not (FHA).