from the situations that have come up on here, and in my experience as well, the letter would have to state specifically, that no payment will be required on the loans under ANY condition for 12 months from closing of your home purchase (to be safe say 18 months from now.) A deferrement letter is dependant upon your school status, etc. So if you were to drop out, repayment would begin normally in 6 months or so. So, the general deferrment letters always have language that stipulates conditions, which is why they usually will not pass the muster of an UW.