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