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Defferred Student Loans and DTI

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Defferred Student Loans and DTI

Have you heard of DEFFERED student  loans being included in DTI ?

 

 

When I went into BofA for preapproval in Sept they did not include my student loans which are deffered until I graduate in May 2010. I am supposed to close tommorrow and the LO just now calls and tells me to get a lower HOA by raising deductible b/c my DTI is 45.35% which is .35% too high. I asked how it got so high and they said it went up after they took into account my student loans. They are aware the SL are deffered.

 

 

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Super Contributor

Re: Defferred Student Loans and DTI

tell the loan officer to lower your rate to get you under the dti limit.

 

banks can add on to fha guidelines. they all do to some extent

 

Retired Lender
Message 2 of 5
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Established Member

Re: Defferred Student Loans and DTI

So FHA allows 45% DTI? That's better than I thought. I might do OK.
Message 3 of 5
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Valued Contributor

Re: Defferred Student Loans and DTI


@dianas wrote:
So FHA allows 45% DTI? That's better than I thought. I might do OK.

 

Yes and no

FHA will go as high as the automated system will accept however their set ratios are still 31/43. If you dont get approved by automated this is what the underwriters write to.

 

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 4 of 5
Community Leader
Super Contributor

Re: Defferred Student Loans and DTI


@adoorabell wrote:

Have you heard of DEFFERED student  loans being included in DTI ?

 

When I went into BofA for preapproval in Sept they did not include my student loans which are deffered until I graduate in May 2010. I am supposed to close tommorrow and the LO just now calls and tells me to get a lower HOA by raising deductible b/c my DTI is 45.35% which is .35% too high. I asked how it got so high and they said it went up after they took into account my student loans. They are aware the SL are deffered.


What type of mortgage is this?  Some mortgages (conventional) include student loans in the DTI and some do not (FHA).

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