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Have you looked at a conventional mortgage with 3% down payment? MI stops being paid when LTV reaches 80%
This from the USDA Underwriting Guideline
www.rurdev.usda.gov/id/GUARPage/GRH_Underwriting.pdf
Deferred student loans are long term obligations with remaining repayment periods of
more than 6 months, and they must be included as part of the applicant’s recurring
monthly debt obligations. If the credit report does not reflect a monthly payment due
at the end of the deferment period, the lender may request a copy of the applicant’s
payment letter, or utilize the industry standard of estimating student loan payments as
1% of the loan balance. Example: A deferred student loan balance of $12,000
should have a corresponding monthly payment of $120 if no estimated payment is
verified by the lender.
Seems like you need to find a lender that will work with you...
Also, consider a consolidating and asking them to put you on an IBR plan that is based on a larger percentage of your income... etc, based on 25% instead of 10% or 17%
Your best bet would be to work with the student loan company to put you on a payment plan which has a monthly payment.... or give up on the idea of going with USDA. You may be able to get a home loan using a different program such as HomePath, or conventional with 3% down
Making it Easier to Finance Your Home.
HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — low down payment, no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors — a limited number of HomePath lenders also now offer HomePath Mortgage for the LLC borrower. The HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan. You also can use the financing of your choice from any lender, such as your local bank, credit union or other financial institution.
from the Fannie Mae website.
The bad thing about these are that you are limited to foreclosed properties, the good thing is that you have a "First Look" period where you can take a look at the property and make an offer in the first 15 days, after 15 day, investors can offer.
They also do rehab loans, so if the house needs some work, you can do a rehab loan which is then converted to a regular mortgage
USDA is a great program but it looks like the timing is all wacky for you guys and you may not be able to fit it in or make it work