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Shane, Dallas, or any other super contributor, here's a quick and dirty on my situation. I have received FHA underwriter approval with condition on a FHA loan through Wells Fargo. The condition is showing student loans not due for 1 year. Currently, my student loan payment deferment is scheduled to end April 2009 (six months from now). Even before looking into buying my first home, I was planning to go back to school. I've registered, as in paid tuition, for classes to begin January 2009. At this time, my current deferment will be replaced by an in-school deferment. I have a letter from the Finance Office of the school stating such. Further, the letter states, as calculated by the Admission Department, my anticipated graduation date will be June 2011. This means by loans will enter repayment December 2011 and first payment will be due January 2012; the same month my car note matures.
The underwriter, late Friday evening, notified by Wells Fargo loan officer the letter was not good enough as indication of loan status for the next year. I need to call Sallie Mae tomorrow and get something from them, anything from them, to meet the condition. Question, what exactly am I suppose to be asking? Or, is there anything I can ask them to help? We, girlfriend and I, were supposed to close at 3PM.
What I am basically understanding from the underwriter, if I can't get something from Sallie Mae, is I can not receive final underwriter approval today, but in January, when my loans are placed in in-school deferment, I will be approved.
Many thanks in advance for any assistance.
Thanks for the responses. I got the result from Sallie Mae I needed; a letter stating the status of my loans. It took being on the phone for around 7 hours, talking with one CSR, hanging up to get another CSR, etc. I finally was transferred to a supervisor in the Texas call center. She moved my original deferment end date from April 2009 to January 2009, showed my in-school deferment to begin in January 2009, and moved my next payment due date to July 2011. Dept. of Edu gave your wife the commonsense answer; deferment should start when classes start (and most schools wait until the add/drop date for classes before notifying lenders). But from my weekend research, Sallie Mae's requirement, I have 4 friends who work in the securization department of the corp. HQ in VA (alas none of them could help with the CSR's), the school, if they participate in the National Student Clearinghouse's paperless deferment process, can notify SLM when you register. SLM can then show when your in-school deferment is to begin and when it is to end (based upon anticipated grad date provided by school). The only problem is, although paperless, it takes 14 to 21 days to move through SLM's back office. And I needed it done now.
End result, I go to settlement tomorrow at noon. Movers are scheduled for 8:30 AM Thursday.
Shane, I have another question. How long does it typically take for a new mortgage to show up on credit file? As previously indicated, settlement was yesterday, 11/05. Asking because I purchased a REO and the former owners took all the appliances with them. I need 6 major appliances and was hoping to get a project loan from Home Depot or Lowes. Basically, wondering should I go ahead now or wait until the mortgage is reported? I've got revolving debt and installation debt being reported now. Credit card with $1000 limit, car loan $17K remaining, car loan $15K remaining (I cosigned for gf), student loans $35K. Negatives on report are all over two years old, any collections remaining after many disputes are $0 balance.
I am wanting $10K project to buy, install, extend warranties on a new frig, range, microwave, dishwasher, washer and dryer.
It will most likely not get reported until the first statement is generated or the first payment posts.
Some complain that after months it still doesn't report. I would buy now.