Mortgage broker asking that we call and ask for an extension on our deferred student loan for another 6 months?

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We were just granted 12 months deferment 4 days ago. Our mortgage broker says the lender she wants to go through requires 12 month deferment from the first mortgage payment due, which would be May 29 and since we’re in Feb. we need to ask for an extension. Well, we called and asked but they said no. What are the chances of us getting this loan?

  1. Reply
    Steve D
    April 29, 2011 at 10:59 pm

    Have your broker check back with the lender and see if they will waive the deferment requirement and if not, tell the broker to start looking for a different lender immediately.

  2. Reply
    Lisa L
    April 29, 2011 at 11:28 pm

    To not count a student loan payment in your ratios you must be able to show no payment is due for 12 months. That is agency guideline. The loan officer should have told you that up front.

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