FHA changing guidelines on deferred student loans - 6/15/15

[Anonymous]

No they all count the loans now, and conventional is worse about if from what I read but not sure. You will have to come out of deferemrnt , then after your mortgage go back on deferemrnt .

[CreditGuy03]

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@Anonymous wrote:

Did this change go through? I am so frustrated. We talked to someone in June they told us what to do. They said they wouldn't need to count our student loans but never mentioned this change. Pay off our debt and send some goodwill letters. So we did. My credit score is up to about 640-660 up about 60 points (mortgage scores). With the new guidelines we won't qualify and my loans are differed until 6/2020 because I am in school for my Masters. Is there any type of mortgage that won't count student loans that are deferred?

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Only conventional and va loan that I know of

[Anonymous]

Does this apply to all cases? I've been working with an fha agent since June I have my pre approval letter and have been looking for properties.

[Anonymous]

I have a pre approval letter as well and I've been working with a FHA agent since June. I submitted a bid on a house but was outbid. I am confused if these new guidelines applies to me. I am confused now.

[CreditGuy03]

Yes it applies to all cases. You would have had to have your house under contract by 9-14 to not fall under the new rules. 

[djmax041]

Quicken Loans said I must do that lol

screw them 

In conventional 3 percent down I qualified thru my credit union easily 

[djmax041]

Yep
Best way is to do that go from ubr to zero see if they can change it to 100 bucks a month

[Anonymous]

I was just approved by Fannie Mae last week my student loans are 100K I did not have to come out of deferment I was able to get a mortgage letter from nelnet I was given the lowest estimated payment of 212.34 based off the repayment plan. My lender accepted this. I submitted a bid on a house Friday. 

[Anonymous]

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@Anonymous wrote:

I was just approved by Fannie Mae last week my student loans are 100K I did not have to come out of deferment I was able to get a mortgage letter from nelnet I was given the lowest estimated payment of 212.34 based off the repayment plan. My lender accepted this. I submitted a bid on a house Friday. 

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That's wonderful.  I am in a similar situation (in deferment and in in the process of closing). Would you be able to walk me through exactly how you were able to obtain your mortgage letter via pm or on the forum?   Was this an IBR payment or standard?

This is giving me hope!

Thank you.