After speaking with 2 mortgage loan officers they have both informed me that my student loan debt, since it's in deferment, is being calculated at 1% of the balance when calculating my dti. This is throwing my dti way off and causing me to not qualify for a loan. I won't be eligible to apply for a repayment plan on my loans until the end of June, when they are closer to coming due, and I'm wondering what is the best repayment plan to qualify for. I spoke with a 3rd officer today who told me something different that the first 2. The first two said that if I qualify for an income based repayment plan then I could show that paperwork and they would use that actual payment amount against my dti. The 3rd person told me that was not true since that type of repayment plan can change year to year based on income, and since it can change a mortgage company will not use the actual payment amount and will continue to calculate 1% of the overall balance against my dti. She said that I need to get a repayment plan that has a set payment amount for the lifetime of the loan and then they can use that actual payment amount. I want to make 100% sure that this is true before doing anything because, based on the student loan company estimations, my payments will be much cheaper with an income based repayment plan than they would any other way. So, if true, I would essentially be sacrificing lower payments for the ability to qualify for a mortgage. If it's going to be the only way I can qualify then I'll try and find a way to make it work, but I would prefer the lower payments available with the income based plan. Does anyone have any experience with this or knowledge about it? Thanks.
