Not sure what you mean by "offered". But with any Fannie Mae loan, student loan payments need to be included in the debt to income ratio regardless if they are in deferment or not.
Deferred Installment Debt
Deferred installment debts, such as deferred student loans, must be included as part of the borrowerâ€™s recurring monthly debt obligations. If the borrowerâ€™s credit report does not indicate the monthly amount that will be payable at the end of the deferment period, the lender must obtain copies of the borrowerâ€™s payment letters or forbearance agreements so that a monthly payment amount can be determined and used in calculating the borrowerâ€™s total monthly obligations.
Exception: For a student loan, in lieu of obtaining copies of payment letters or forbearance agreements, the lender can calculate a monthly payment using no less than 2% of the outstanding balance as the borrower's recurring monthly debt obligation. However, if any documentation is provided by the borrower or obtained by the lender that indicates the actual monthly payment, that figure must be used in qualifying the borrower.
You can find that at https://www.fanniemae.com/singlefamily/originating-underwriting under the "Selling Guide".
Shane Milne | Lending in all 50 states | NMLS #81195... more
Dear John, Homepath loans are very ratio conscious, No you don;t have any room to go above 45% DTI, but how are you counting the income , maybe there is some room there. I would also suggest that you should have the lender run the automated approval as FNMA homepath loans , there are a lot of nuances on these loans and just becuase you have high scores does not mean you wil get an approval > i am not trying to scare you but rather prepare you . We are one of the biggest lenders for FNMA homepath loans in the country. Please feel free to reach out to me if you have any further questions.
http://www.ridhiraheja.com or at 630-660-6376.... more
Good Morning, Great Question and yes, your lender will be the best source for this answer. Sometimes it might be a tax credit. It should say on the closing statement where all the money is being allocated to. Good Luck DF... more
Assuming your new job's income qualifies, it'll boil down to the reason for the job gap, your new employment, and what you did prior to the job gap.
If you were laid off because of embezzlement, have been in jail for the past 6 months, and you are finally out on parole and are now working a part-time job being a cashier at a fast food establishment... very unlikely.
If you were laid off because of downsizing, have spent time looking for a new job, and have landed a full time salaried position with salary & aren't on a probationary period... then pretty likely.
So be prepared with those details and you should be able to get clear answers from most loan officers you speak with.
Shane Milne | NMLS #81195 | Lending in all 50 states... more
There are different types of loans, VA and USDA are no money down and the seller can pay most if not all of the closing costs. There is th fha 203k which you can get money towards repairs. Your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for to accomplish your goals.
The purpose of getting 2 mortgages is to avoid PMI. But I do not believe they are doing that anymore because too often the second mortgagee gets the short end during foreclosure. You may be able to get a single mortgage by putting down 10%.
Please email me, and I will put you in contact with a couple different lenders that may be able to help you. I would love to then help you find a home.
Anthony Cavalea IV
Managing Broker / REALTORÂ®, SFR
Able Realty, Inc.
23264 S. Youngs Rd
Channahon, IL 60410
You should report your income honestly. An excellent mortgage broker at WinTrust mortgage, Tracy Flanagan, can go over the details above with you personally. Tracy can be reached at 773-814-8729. WinTrust owns a lot of the local community banks like Community Bank of Hinsdale. Good luck!... more
Kbiii, it seems you do not occupy the condo currently, correct? If yes, you will be refinancing the mortgage on the condo as a non-owner occupied property. There are loan to value restrictions and other condo specifics that may change your plan.
Do you need the rental income from the condo to qualify you for your purchase mortgage on the new home?
These are just a few questions an experienced mortgage professional will+should ask you to know how best to help you.
Feel free to contact me unless you have a relationship with the Right Lender.... more
.... His credit score is now 624. Our current lender requires a 620. We have finally worked something out with his employer so we can stay with our current lender and decided this was best because we only have 2 weeks before we have to start paying $25 a day for taking too long. Will our lender recheck our scores before closing and if so should we be worried about being so close to the required credit score?
Thanks for you help any help will be greatly appreciated this whole experience has just been aweful!... more
Hi. In my opinion it will not affect your scores enough to make a difference. Just don't let more than 1 more lender check your credit. You can speak to a few and test them out....see how quickly they return calls and how they interact with you. f you don't switch you may not get the loan or the closing may be delayed the way this broker is working. You are not high maintenance either. First time buyers have not gone through this process before. And I'm here to tell you that the two or three mistakes you mentioned are big enough to make a switch. There are plenty of good lenders out there that will take good care of you.....some even return calls on weekend. It's true.
He's been closing my deals for years and have not had one delay. He calls on a regular basis and gets the job done. Between real estate agents and lenders there is a lot of competition and you should settle for nothing less than excellent service in all aspects of buying a house.
Best of luck!! Let me know how things turn out!... more