Do I have any options???

[peme6040]

So I finally decided to get in contact with a bank about an FHA mortgage and they emailed me the link to get prequalified.  I have gotten preapproved with Quicken loans before but after I mentioned several times that I was not in a rush to look (I wanted to see if my finances were in place) yet they continued to rush me, I dropped them.  I feel as though most of my ducks are in a row, except 1 big one, in the name of a Student Loan.  Right now I have 2 companies servicing my loans.  One I make a $15/month payment and only owe $2500.  The other is a biggie.  I owe $37,000 for the other, but make $0 payment a month because I qualified for IBR.  Turns out a few days ago, I got a renewal email from them regarding this account.  If I wasn't on any special payment plan, my payment would be over $600/month completely knocking me out of the housing ballpark.  This scares me because right now I don't know if there is any options around this.  I just in fact emailed the loan officer to let him know about that situation.  Does anyone know my options in this case, or am I just never gonna be able to get a house b/c of these student loans?  Paying down that amount with affordable payments will take a VERY long time.

[CH-7-Mission-Accomplished]

I will let the mortgage experts chime in, but I beieve I recently read that a new policy change is that they will calculate a payment based on a percentage of the total balance, if if you are in some type of deferrment or reduced payment plan based on income.

[ezdriver]

I posted the change as it was from my company's lender. I believe lenders will use a payment if one is being made or 2% if not. The new information is all over the internet ... just Google it.

[Anonymous]

Directly from the new FHA handbook - "For a student loan, if the actual monthly payment is zero or is not available, the Mortgagee must utilize 2 percent of the outstanding balance to establish the monthly payment."

[peme6040]

OK, I researched it more-I'm sorry, I was not aware of a recent change with FHA.  I have 2 loan servicers 1)AES $2500 balance $15/month payments 2)Great Lakes $36000 balance IBR $0/month.  Just a week ago, both companies sent me renewal forms for my payment plans.  AES high payment would be $50/month which is fine.  Great Lakes I am still trying to figure out which route to go with them.  If I stay IBR $0/month payment, then FHA calculates my payment to be $720/month which blows me out of the water for a mortgage.  But I think under the Graduated/Extended repayment plans, my payment would only be $200 or $300/month.  Which might make me qualify for a loan.  I'm working with my local bank on this and also another one a few hrs away.  Hopefully I will get some good news regarding this from them.