Student Loan consideration in Mortgage Loan approval?

[Anonymous]

I have about $30,000 in student loans, but they are still being deferred. Is this considered when I am shopping for a mortgage loan? I will not need to start repaying the loans for over 12 months..

Also, what is the best time to go ahead and get pre-approved? Ideally, I would like to buy in June or July. 

Thanks!

[Anonymous]

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@Anonymous wrote:

I have about $30,000 in student loans, but they are still being deferred. Is this considered when I am shopping for a mortgage loan? I will not need to start repaying the loans for over 12 months..

Also, what is the best time to go ahead and get pre-approved? Ideally, I would like to buy in June or July. 

Thanks!

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They shouldn't but the mortgage experts will let you know for sure.  Preapprovals last 3 months before you have to start the process over so if you want to buy in june/july you should start the process in the next month or two

[Anonymous]

Most loan programs allow student loan payments to be excluded from debt ratio calculations if they are deferred for 12 months and have the option to renew the deferment.

However, very few lenders are picky and will not allow you to remove these payments from the debt ratio calculations.

[DallasLoanGuy]

FHA - Provide proof of defement for 12+ months to exclude

Conv - They are included