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Different Guidelines

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jbee
Regular Contributor

Different Guidelines

I'm confused, please help.

 

I spoke to a mortgage company on Friday and was told that if I deferred my student loans for a year (they're deferred for 18 months), that it wouldn't count against the DTI.  I spoke to another company and they said that they have to count it toward the DTI, even if it's deferred.

 

Can someone explain to me why there's 2 different guidelines.

 

Thanks


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Message 1 of 5
4 REPLIES 4
rockymtngrl
Frequent Contributor

Re: Different Guidelines

because you talked with 2 different banks/companies. All banks will have slightly different guidelines.

Message 2 of 5
DallasLoanGuy
Super Contributor

Re: Different Guidelines

FHA guidelines = not included

 

Lender A = follows fha

Lender B = follows fha + their own guidelines.

 

"Lender Guideline Overlays" is the term of the day.

 

Lenders add their own guidelines to FHA or Conventional guidelines.

Always come here if you get conflicting info. Because you never know if lender is an idiot or not.

 

Retired Lender
Message 3 of 5
ShanetheMortgageMan
Super Contributor

Re: Different Guidelines

Lender B may have only been talking about conventional or USDA financing, both of those include the payments on deferred student loans no matter how long it's deferred for.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 5
Anonymous
Not applicable

Re: Different Guidelines

How did you get your loans deferred for 18 months?  I need mine deferred for over 12 months in order for them not to count in my debt to income ratios and the student loan company is saying you can only defer for 12 months at a time.  Any advice will be greatly appreciated! 

Message 5 of 5
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