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HELP question about student loans and mortgage!!!!!

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angie23
Valued Member

HELP question about student loans and mortgage!!!!!

I am wanting to get a mortgage in my name only. My husband already owns a home which we plan to try and rent, his credit score sucks so I figured it would be easier for me to qualify as my scores are much better, BUT the problem is that I have about $60,000 in student loans.... They are in deferment right now and the guy I talked to today said that if I have no scheduled payment that they would calculate 1% of the balance towards my payment which would be $600. I am usually in the income based repayment plan in which my payments end up being about $100 a month. So what do I do? Is it possible to find a place that will not include them if they are in deferment? I don't what to do and I'm so stressed! Anyone have any advice?!?!
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Anonymous
Not applicable

Re: HELP question about student loans and mortgage!!!!!

Take a deep breathe! We had the same issue and wasn't able to get approved for a USDA guaranteed loan but we just got our first set of (easy) conditions from the underwriter for a FHA loan. 

 

My husband and I both have student loans. Mine are on an income-based repayment plan and I pay $225 a month. My husband's loans are in deferrment until 2019 because he is in school. I was told that as long as his loans are defered for 12 months after the closing date, they will not be included in the debt ratio for FHA loans... the 1% comes into play for USDA and conventional mortgagess. I was also told that USDA counts 1% of deferred payments as well. The reasoning is that IBR payments changed yearly.

 

It is also rumored that FHA may be changing the way it counts income based repayment student loans in the very near future. 

 

I'm no expert but this is my limited knowledge on the topic since we were denied one loan type because of the infamous student loans. 

 

Good luck.   

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