URGENT: FHA Deferment or Forbearance

[Anonymous]

I'm fairly certain that he means that the forbearance must be 12 months or more so it won't count against his DTI. If its not you must include it in your ratios.

To the OP. Just because FHA says this is the minimum for qualification that doesn't mean the lender has to adhere to that. They can overlay thier own rules on top. For DTI/scores/ anything really.

[Anonymous]

The OP is confused. I just got an FHA and my student loans were NOT deferred. I am currently making payments. The FHA regulation is that they must be in deferrment for at least 12 months after the loan closes to not be included in your DTI. That is the only requirement in terms of student loans, well and you can be late.

[Anonymous]

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@Pesdaniel wrote:

You are indeed confused.

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Unfortunately it is you who is confused. TimeToRecover has been around these forums a long time and has been on his/her journey to home ownership for a while and since Time also stated they have student loans and getting an FHA loan and I also got an FHA loan with student loans, this validates what both of us have said.

From a HUD FAQ:

5. Do student loans have to be counted in the borrower’s DTI?

A student loan scheduled to begin or come due within 12 months of the mortgage loan closing must be included in the monthly obligations for qualifying. If the borrower provides written evidence that the debt will be deferred to a period outside the 12-month timeframe, then the lender can omit the obligation.

http://portal.hud.gov/hudportal/documents/huddoc?id=dcreditunder_faqs.pdf

[Newattitude]

I closed on my home on May 30 with an FHA loan and my student loans definitely were NOT in deferment.  This must be a lender requirement solely for the purpose of excluding from DTI.