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Mortgage Broker and STudent Loan

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ShowCredit
Frequent Contributor

Mortgage Broker and STudent Loan

I have been applying for a mortgage and have spoken to several banks and have all been approved with my student loan which is in deferral.  I was told that my student loans have to be deferred for more than 1 year, until when I spoke to the mortgage broker, he told me that the student loans have to be deferred for 3 years.  He says that even though the banks are telling me 1 year, when the loan goes to underwriting they are going to compute it, because it is not deferred for more than 3 years.

 

Has anyone heard of this before?


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Current Score: EQ-695 TU 713
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3 REPLIES 3
ShanetheMortgageMan
Super Contributor

Re: Mortgage Broker and STudent Loan

Just needs to be deferred for 12 months from the closing date, not 3 years.  This is only for FHA & VA loans however, if you are going for a conventional or USDA loan the payment is always included no matter how long it's deferred for.

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Message 2 of 4
ShowCredit
Frequent Contributor

Re: Mortgage Broker and STudent Loan

Shane,

 

Thank you.  I am going FHA, that's why I was surprised when he said 3 years.  Chase has also approved me saying they have to be deferred for 1 year.


Starting Score: EQ-686 TU 703
Current Score: EQ-695 TU 713
Goal Score: EQ-800 TU 800




href="http://ficoforums.myfico.com/fico/board/message?board.id=FC&thread.id=1">Take the FICO Fitness Challenge
Message 3 of 4
Red22
Contributor

Re: Mortgage Broker and STudent Loan

How can you get your student loans deferred 12 months from the closing date?

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