If you have any paperwork stating what your payment will be, you can use this, and see if you qualify now with the higher debt ratio.
Good luck to you!
Unwavering Commitment to Service
First, if your closing date is after Nov. 28, 2010 then your condition of 1 year is not met, and yes, underwriters are being VERY specific these days, and will probably not clear the condition based on the date you have now in writing.
However, I also think your loan officer is mistaken, most deferrments must be for three full years to not be counted in your debt ratio. It is possible your loan is a "portfolio" loan, and the lender uses different guidelines, however, and one year will do.
Obviously, my news is not too positive, but I hope I am wrong on both counts, and you get in the home!
Tom is right. You need to speak with the Mortgage Broker or Underwriter so you know exactly what they need for clear to close.
I will tell you that you should start doing your google search on Studen Loan Deferments, just in case. I just did a quick search and there is so much information out there.
Good Luck to you and hang in there, it will work out!
Asset One Realty, Inc
you need to contact your loan officer and work this out immediately, this could cause you to lose this property if the short sale closing date expires.
Please see my blog on obtaing a mortgage in todays market
Please see my bnlog on short saleswith a list of tips and advice.
This is a perfect example of why choosing your lender carefully is so critical, as communication between your mortgage professional and you is very, very important at this juncture of the transaction. I find it is almost always advantageous to use a lender with in house underwriting as it has a positive effect not only on communication but also the time line. You really need to get the answer to your question from the your lender or the person responsible for underwriting. Until you satisfy all conditions you will not be given the clear to close.
Best of Luck,
Tom Priester e-PRO
"Result Driven Real Estate"
Keller Williams Realty