Mortgage question?

[na2]

My husband started taking out student loans (Federal sub & unsub) in 2007. He is currently trying to get an associates in Fire Science. He is probably less than a year done but he wants to continue and get a bachelors degree.

 

My question is we are in the process of buying a house and I was told that they would include student loan payments in the debt to income ratio, so if my husband enrolls at a university will his student loans stay in deferment?

[clambert1273]

as long as he is in school they stay deferred. I had to go to sallie mae and the dept of ed and get letters that showed how long mine were deferred to. They have to be over 1 year out to not count in the DTI Thank god mine were until Jan 2011 LOL

[Brian B The Loan Professor]

It depends on the type of loan you are getting

If it is FHA student loans deferred do not count in your DTI ratios

If it is USDA it wont matter if they are deferred they will still count.

 

Good luck

B

[na2]

Thanks Brian B The Loan Professor & clambert1273. I'm hoping to get a FHA loan but the only thing i'm worried about if they are going to include his student loan into debt-to- income ratio.

 

The current college that he is attending probably will show he has less than a year to go but he wants to continue his education and pursue a bachelors.

 

I guess I will just tell my husband to inquire at the university he is planning to attend and see how long is the admission process.

[clambert1273]

even if he has a year left of school you should be fine because deferrment usually lasts like 6 months after graduation. Find out who is loans are through (sallie mae or US Dept of ED) and you can get the letters online showing how long they are deferred for.

[DallasLoanGuy]

even if he has a year left of school you should be fine because deferrment usually lasts like 6 months after graduation. Find out who is loans are through (sallie mae or US Dept of ED) and you can get the letters online showing how long they are deferred for.

 

 

you have to PROVE they are deferred 1yr.

[clambert1273]

right that is why I got the letters from Sallie Mae and the US dept of Ed

[na2]

thanks clambert1273! I will see if i can get the information online if not i will call them directly.

[na2]

also it is funded by US Dept of ED