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I recently just got prequalified over the phone with Chase. I'm currently in the process of gathering up the documents I was requested by the lender guy for the next step- the preapproval process. I told the agent I was talking to that my student loans are deferred till Dec 2014 and Jan 2015 as they are. So when he was looking at my credit report and DTI ratio, he didn't consider them. I'm faxing him the paper work he asked for (last two years of w2s, last two paystubs and a LOE that I may use gifted money for closing costs). He said after he turns over the documents to the underwriter, that I would hear back within a week or so. He did't request any deferment letter from my lender. Do they normally ask for student deferment letters in the preapproval process or does that normally occur right before closing?
maybe an oversight?
i ask for them at the loan processing stage.... unless the credit report is reporting them differently than what the client told me.