For homebuyers with deferred student loans?

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I have a question. My lender is trying to program my community of mortgages … I think someone would have told me that if my student loans are deferred, they must include in the debt ratio. My student loans are deferred until December 2011. Can anyone what is the best program for me to say would it be? I am 34 years ka and in 2005 received 500 Christmas bonus and i in 2006 to $ 3500 Christmas / incentive awards. Can they be average? I also think that $ 6,000 this year. THANKS for any advice.

  1. Reply
    May 16, 2011 at 6:00 am

    If you trust your banker or mortgage lender, they would have the most complete data. Make an appointment to discuss your options and bring all your salary, credit card debt, and loan amounts. With the mortgage software, it only takes a few minutes to input your data. This way you will get an accurate estimate of what you can afford in monthly payments for a mortgage.

  2. Reply
    May 16, 2011 at 6:35 am

    It is a mystery to me where anyone with 40K year salary can buy a house. Where do you live, in Idaho?

  3. Reply
    Andrea - Mortgage Specialist
    May 16, 2011 at 7:31 am

    Most lenders require the deferred student loan payments to be included in their debt ratios. However, I had a lender recently that asked for documentation of deferrment for atleast three years and we were able to get around that.
    The My Community is the best program out there right now for 1st time homebuyers, in my opinion. A lender can only average your bonuses for the last two years, so they are not helping much with your debt ratios, they cannot go off of a projected amount for this year.
    Good luck!
    Shoot me an email if you have any more questions or obtaining financing in Florida!

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