Mortgage Loans

[luckyashes04]

I have about $60,000 in student loan debts that are currently in deferment because I am still in school. My husband and I are about to apply for a home loan, with me not being on the mortgage, but they will count my debt in with his. Do you think we will be able to qualify with my student loans totalling around $60,000?

[MovingForward_2012]

It will truly depend on your monthly payment. I believe if the student loans have been deferred for at least a year, they won't be factored in the DTI.

[luckyashes04]

That is what I was hoping to hear, since they are defered, but wont be for the next 12 months, it is hard to figure out what the monthly payment will be.

[MovingForward_2012]

Yes because you may qualify for different repayment programs. Hence, the amount you get back varies. But I think an income based repayment (IBR) program has to lowest monthly payment.

[MovingForward_2012]

...has the* lowest monthly payment...*sorry typo.

[sonicxtacy02]

Exactly right.  Different mortgage company have different set deferment limits, but if you dont start paying back until a least a year from your application date it will not account against DTI, and will in fact, help you during underwriting.

[jadeite788]

Well if you are still in deferement while in school for more than 12 months you should be okay.  They might need some type of verification on when you will be out of deferment.  Otherwise if its less than 12 months, they will count your monthly payments.

[tooleman694]

If you go conventional, they will count against your DTI.

[DuffDuff]

My student loan ( deferred for 2 more yrs) was added to dti and I went conventional.