cancel
Showing results for 
Search instead for 
Did you mean: 

USDA no longer accepting income based for student loans...

tag
Anonymous
Not applicable

Re: USDA no longer accepting income based for student loans...

Got word back from my lender today that my application made it through underwriting with only one contingency (a LoE of a large deposit made last month)

 

The file will be headed to USDA office on Monday morning. 

 

Without knowing how my lender's UW factored in the student loans, could the file end up getting returned by USDA?  I would hope that the UW used the USDA guidelines when reviewing my file, but you never know! 

 

I'm especially worried because we were supposed to have closed next week. . . but the USDA turn times in my state are a ridiculous 3 weeks (compared to the majority of state's 48 hrs!)  The sellers are already aggravated that we won't be closing next week and will have to wait till the end of the month- last thing I need to happen is for us to wait the 3 weeks and then find out there is an UW issue!

 

Message 11 of 12
Anonymous
Not applicable

Re: USDA no longer accepting income based for student loans...

I have a few questions if you don't mind.

 

1. How long did the process take with them from application to full approval with a closing date?

 

2. When you say they try to have your student loans at 1% does that mean that they use the 1% for calculations and you can still make income based payments or 

 

do they have you make 1% payments? Is it only for calculations?

 

Thanks and congrats on your upcoming home.

Message 12 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.