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Valued Member
Posts: 42
Registered: ‎04-09-2011
0

Re: Pre-Qualification/Pre-Approval Process


Elcid89 wrote:

bigboihill wrote:

Elcid89 wrote:

tooleman694 wrote:

Mine are not being counted.


Which is solely through your lender's good graces by choosing not to include something that it had the option to include. Including them tends to be the norm.

 


I would respectfully disagree with your statement that including them tends to be the norm.  This is not the case with FHA or VA, and is one of the reasons that so many people opt to go these routes when applying for a mortgage.  Every mortgage broker, banker, and lender that I have spoken to thus far states that they do not count student loans in DTI ratios if they are deferred beyond 12 months from closing.  I agree that it is not a requirement to exclude them, but I definitely would say that most will.


Well, then let me amend my statement to say that every FHA lender I've had to deal with thus far has included them, and YMMV. The OP basically needs to be aware that her lender MAY include them at its option and she needs to be aware of that possibility.

 


Amendment accepted! :smileywink:  However, on a serious note, the lenders that you speak of which included them, were they from big banks?  This type of information is very useful to others on the board who may be faced with student loans that are in deferrment.  This is the first time since I have been monitoring the boards that someone has stated that all of the lenders that they have dealt with, would include deferred student loans with their FHA loans.  I am just curious if these would be big banks such as a Wells Fargo or Bank of America.  Also, this may be an implication of the area that you are in.  Just curious!  Thanks!

Contributor
Posts: 567
Registered: ‎10-04-2012
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Re: Pre-Qualification/Pre-Approval Process

[ Edited ]

I have personally never had an FHA loan. I was speaking to clients for whom I have handled their closings, and to be fair, we're talking about a relatively small sample (12 or so). The lenders ran the gamut - large regional to small local, and I believe one credit union. I'm operating from memory on that one and I'm an old guy now, so it doesn't always work like I'd like. :smileyhappy:

 

The area in question is Maryland / Pennsylvania.

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Valued Member
Posts: 42
Registered: ‎04-09-2011
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Re: Pre-Qualification/Pre-Approval Process


Elcid89 wrote:

I have personally never had an FHA loan. I was speaking to clients for whom I have handled their closings, and to be fair, we're talking about a relatively small sample (12 or so). The lenders ran the gamut - large regional to small local, and I believe one credit union. I'm operating from memory on that one and I'm an old guy now, so it doesn't always work like I'd like. :smileyhappy:

 

The area in question is Maryland / Pennsylvania.


Fair enough.....thanks for the info!:smileyhappy:

New Member
Posts: 1
Registered: ‎10-20-2012
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Re: Pre-Qualification/Pre-Approval Process

I was in your same shoes a few weeks ago.  I racked up a considerable amount of student loan debt ($70,000) while pursuing my Master's which put my DTI over 41%.  After speaking with my loan officer, I decided my best course of action would be to consolidate all of my loans to get a lower monthly payment; however this can take a considerable amount of time to complete.  I needed to get pre-qualified/pre-approved ASAP since my lease ends this month, so I decided to get on an income-based repayment plan (IBR) through my student loan lenders while I waited for my consolidation to be completed.  My loans are currently in forbearance and I wasn't sure if I could still be approved since I don't start paying them back until May 2013, but I was approved the same day. The lender faxed me the letters explaining what my monthly payments will be, which I faxed over to my loan officer, and she was able to pre-qualify and get me pre-approved the same week.  Hope this helps! Good Luck!

Member
Posts: 20
Registered: ‎10-23-2012
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Re: Pre-Qualification/Pre-Approval Process

Thanks Everbody!!!

 

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