Student loans in deferment - no schedule?

[Anonymous]

My husband and I got our conditional approval from the underwriter today and are scheduled to close in two weeks. My husband is still in college and has student loans currently in deferment; as a result, the underwriter wants to see a fully amortized schedule. When my husband called and asked for it, they said the Department of Education would not allow them to provide this. After much cajoling and talking to multiple supervisors, he got them to agree to give him an estimated schedule in 7 to 10 business days but that it will not be fully amortized (so, honestly, I don't even understand what this schedule will show). 

Has anyone else ever encountered this issue? Should I be worried?

[VALoanMaster]

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@Anonymous wrote:

My husband and I got our conditional approval from the underwriter today and are scheduled to close in two weeks. My husband is still in college and has student loans currently in deferment; as a result, the underwriter wants to see a fully amortized schedule. When my husband called and asked for it, they said the Department of Education would not allow them to provide this. After much cajoling and talking to multiple supervisors, he got them to agree to give him an estimated schedule in 7 to 10 business days but that it will not be fully amortized (so, honestly, I don't even understand what this schedule will show). 

Has anyone else ever encountered this issue? Should I be worried?

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Hi Sunshineday,

Do you know if the student loans report a monthly payment on your husband's credit report?

If so, you may need to talk to your LO about switching to a Freddie Mac loan instead of a Fannie Mae loan.

If the schedule does not have a fully amortized payment, the underwriter will have to use 1% of the loan balance for the monthly payment on a Fannie Mae loan.

Good luck.

[Anonymous]

They don't really give payment amounts until you are past your grace period after graduation. You can estimate using calculators but since he is still in school they will be in deferment until 6'months after graduation. I don't recall if my student loans showed on my credit report until after deferment.

[DallasLoanGuy]

does using 1% of the balance kill the dti?