FHA Loans and Defferred Student Loans

[Anonymous]

Hi guys, not sure if this is the right place for this. But I'm seeking a bit of clarification on new FHA guidelines. I have a small amount of student loans and am going through the closing process on my first home. We were preapproved and had a bit of room to spare on ratio for what we had a letter issued for. However, of course we fell in love with something that thru bidding ended up 6k above our preapproval. No big deal we emailed our mortgage lender who said we were still fine at that price.

However after reviewing my mortgage documents I see that she missed a 42$ per month debt that we are paying.

I'm pretty sure we are still fine though. We have zero'd out three credit cards that we were using to build credit and I BELIEVE my student loan payment was overstated in our DTI.

My question is, with a deferred Stafford Loan can you use the actual obligation or do you HAVE to use 2%? For me the actual obligation is almost 100$ less a month even for the shortest standard plan.

Thanks
Bill

[DallasLoanGuy]

if they will send you a letter stating the actual pmt.... we can use that

[Anonymous]

For FHA, as long as there is a payment on the credit report we can use that number.

[Anonymous]

I was prequalified back in March and wanted to build a new home. Today I signed the contract knowing my credit was better and my income had increased. 

Then I spoke with the mortgage company again. I had no idea the FHA guidelines had changed. Under the old rules my student loans were not going to be in the DTI because I am a doctoral student in my dissertation and won't be making mandatory payments on the loans for at least 2 years. I do make payments here or there to help reduce interest. 

Under the new FHA guidelines since my loan holder cannot give them my actual payment amount they have to use 1% of the balance which is $4k a month. I have never received grants and financed 4 degrees using student loans. 

They would put my DTI around 85% with the mortgage and other obligations. For now I have to submit the application and go through the formal denial process to get my deposit back on the home. Hopefully they won't be making me give them income, bank, retirement, and taxes if right out the gate they know the student loans are going to crush any chance of an approval. 

I hope the guidelines will change again and be less strict or I will try to buy a house again in 3 years when I have my actual student loan payment amount hat can accurately reflect in the DTI. 

So disappointed but maybe it's for the best.