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Can you get a mortgage with SL in forberance?

Regular Contributor

Can you get a mortgage with SL in forberance?

Will student loans in forberance prevent you from a mortgage?  I read somewhere that you can be approved with deferred payments but I haven't read anything about loans in forberance?  Please share your knowledge and/or experience.  Thanks

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Regular Contributor

Re: Can you get a mortgage with SL in forberance?

If you SLs are not showing a payment, FHA and USDA loan programs will require the lender to hit you with a 1% payment which generally blows most deals out of the water. VA will accept a forbearance. If you for sure going to apply for home loan, I would speak with a Loan Officer asap who would most likely recommend requesting an IBR then at least you can apply for a Conventional Loan as long as the payment appears on the credit report, you should be good to go. Or you can request a fully amortized payment 40-year schedule to see if that payment will fly.  PM me if you have any additional questions.

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
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