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Student Loan Deferment Causing Issues With Mortgage

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Regular Contributor

Student Loan Deferment Causing Issues With Mortgage

Me and my fiancé are applying for mortgage together. I already have a an pre approval on my own but we decided it would be better if we do it together.
We hit a big problem yesterday when our loan officer told us due to her student loans they could not approve the loan because her dti. I’m saying to myself wth are they talking about? Her loan payment is only $353 a month. This crushed my fiancé she started crying. I told her relax I will figure this out.
The loan officer told me that her loans are reporting deferred and when that happens the bank uses 2 percent of the total balance of the loan as your monthly payment. That would be $4000.
The issue is they are not in deferment and her payments are $353 a month. The tradelines are reporting as deferred on her credit report. My question is what would my fiancé have to do? Does she have to call the loan servicer she consolidated with? Will they be able to change the the status on the reports within a reasonable time?
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03/08/19 Fico 8 EQ 706TU 716 EX 706 - FICO 9 EQ 712 TU 707 EX 677- FICO Mortgage EQ 703 TU 716 EX 693
INQ EQ 6 TU 10 EX 16 Utilization EQ 18% TU 18% EX 18%
2 REPLIES 2
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Established Contributor

Re: Student Loan Deferment Causing Issues With Mortgage

With proof of payment from your fiance', your lender should be able to obtain a credit supplement updating the credit report accurately which seems like it ought to save your deal.

 

 

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Licensed NC Mortgage Loan Originator
Message 2 of 3
Regular Contributor

Re: Student Loan Deferment Causing Issues With Mortgage

Ok good. She will print that and we will get that faxed over to mortgage officer. Thank You
Amex Rose Gold, Amex Cash Magnet- $2000, Amex Delta Gold- $1000, Amex SPG- $1000, Amex Blue Cash Everyday- $1000, Discover IT- $2300, JetBlue Plus World Elite MasterCard- $3600, Costco Citi- $6700, Capital One QS- $1450, Best Buy Citi Visa- $6000, Capital One GM- $500, Care Credit-$15,000, Merrick Bank- $1000, Paypal Credit- $1,781, Amazon Prime Store Card- $6000, PayPal Extras Mastercard- $5000, Bloomingdales Card- $400

03/08/19 Fico 8 EQ 706TU 716 EX 706 - FICO 9 EQ 712 TU 707 EX 677- FICO Mortgage EQ 703 TU 716 EX 693
INQ EQ 6 TU 10 EX 16 Utilization EQ 18% TU 18% EX 18%
Message 3 of 3
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