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Student Loan Deferment & Forbearance Info: Everything you need to know about about how to get a student loan deferred, placed in forbearance, what the difference is, and who to contact, can be found here ==You would be shocked at how many people get their loan denied during escrow because the loan officer is not aware that in community property states (like California), the non-borrowing spouse’s student loan debt (and other debts) are factored into the borrowers liabilities and DTI ratio. Would it be more beneficial for you to pay off or pay down your student loan debt or save up for a larger down payment? That’s a good question that can only be determined by knowing what your current financial situation is and where you want to purchase.
Perhaps you can qualify for a first time homebuyer down payment or closing assistance program?
Fortunately, my mortgage bank is approved to offer more homebuyer assistance programs than any other bank that I’m aware of and can help you determine which program you may be eligible for.
USDA requires 1% of the deferred student loan balance count as a repayment when calculating the DTI ratio.
If not in deferment, payments must be determined by documentation other than the credit report…such as a letter from the servicer or from a payment coupon.
The FICO scoring formula will penalize your credit score because you owe more than you initially borrowed….is similar as if you are exceeding your credit limit on a revolving credit card….it’s a signal that a borrower is in financial distress.
If needing higher credit scores, you may want to consider paying down the student loan balance so that it doesn’t exceed the original loan limit.
The are really only two reasons there would ever be conflicting information regarding what the actual qualifying guidelines are in regards to deferred student loan debt.
Conventional financing is a term used to describe financing that meets federal agencies Fannie Mae and Freddie Mac.Student loans in repayment phase builds positive credit history, but deferred student loan debt can have the opposite effect.Deferred (or in forbearance) student loan debt grows in size from deferring interest, will cause the balance to exceed the original loan amount….that’s a credit score killer.Both Fannie and Freddie are the agencies who create the guidelines that all lenders must confirm to when approving a Conventional conforming loan.Conventional financing includes Fannie Mae’s low down payment programs Home Ready and Freddie MAc’s Home Possible Advantage loan.For student loans in a deferment or forbearance that are part of a student loan forgiveness, cancellation, or employment contingent repayment plan (often called a public service loan forgiveness plan), the student loan payment may be excluded from the monthly DTI ratio.