Student loans not in repayment or in deferral included in a mortgage loan application as an expense?
Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not
in repayment and second is deferred. however, the loan application is requesting all expenses listed on my credit report. are these loans not in repayment included in my expense ratio?
Answer
Student loans that are deferred.
need to be deferred for 3yrs in order to take it out of the expense ratio.
if not, i would highly recommend that you find the original contract of the student loan. otherwise, the underwriter will use his own calculations of what you will pay.
which is usually higher than you will normally pay.
