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I'm stuck in underwriting because of a student loan that is in deferment. The problem is that although the loan should and will be deferred further out since I am still attending school half-time, they won't update their deferment dates until 4 weeks after classes start, which would be the end of September. Waiting that long is not possible for a number of reasons. The other option would be to include the student loan in my expenses. Right now my bottom or back-end ratio is at 41%. The student loan payment would put me at 43%. I've read that the maximum ratio allowed by FHA is 41% but I've also read that the ratio is 43%. Can anyone tell me if the ratio is set in stone and, if so, what the real ratio is?
I'm stuck in underwriting because of a student loan that is in deferment. The problem is that although the loan should and will be deferred further out since I am still attending school half-time, they won't update their deferment dates until 4 weeks after classes start, which would be the end of September. Waiting that long is not possible for a number of reasons. The other option would be to include the student loan in my expenses. Right now my bottom or back-end ratio is at 41%. The student loan payment would put me at 43%. I've read that the maximum ratio allowed by FHA is 41% but I've also read that the ratio is 43%. Can anyone tell me if the ratio is set in stone and, if so, what the real ratio is?
Antique55, as long as the underwriter gets an Approve/Eligible with the student loan payments being included, your loan should be approved. I have seen dti ratios as high as 50% and still get approved. Having good compensating factors, such as good reserves, good job stability, good rental history, will strengthen the file and will help to get the loan approved. Good luck to you.
My student loan debt is double what my yearly income is. I did have some savings, a good FICO and no credit card debt. FHA approved me for far more than I'd like to even spend.
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