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Does a discover student loan count towards your debt ratio?

by helen_fathi879 from Seguin, Texas. Apr 2nd 2014 Reply


Larry Burklow (LBurklow@cmgfi.com)
#192 ranked lender in Texas - 8 contributions

Hi Helen, Depends on the type of loan: VA/FHA = no if deferred 12 months past close date. USDA - yes it must be counted. FNMA/Freddie Mac counts it. Call me for more details.

Apr 3rd 2014
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Chris Gummerson (cgummerson11)
#395 ranked lender in California - 648 contributions

Yes, anything that is reporting on your credit report will be counted towards your debt ratio. Even if student loans are differed, its almost impossible to get the creditor to provide a 3 year deferment letter.

Apr 2nd 2014
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Jesse Langston (jlangston@efastfunding.com)
#191 ranked lender in Texas - 17 contributions

FHA loans will NOT count the the student loan payments in the DTI ratio if the borrower can verify that the loans will remain in deferment for at least 12 months after the closing. You will need to get a deferment letter from the student loan lender.We are a direct lender located in Texas. I will be happy to go over all of your options if you contact me.

Apr 2nd 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

Yes unless you can prove the loan is deferred for at least 12 months from the day your mortgage loan funds.

Apr 2nd 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,875 contributions

Yes and no... Student loan is debt. Period. All mortgage programs require us to determine the student loan payment and add it to your debt ratio. The only exception to that rule is on an FHA loan where if you can prove and document the student loans are deferred at least 12 months beyond the home loan closing date, we are able to take it out of your debt ratio.

Apr 3rd 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Yes it does. With the exception of a student loan in deferment for at least 12 months after closing on an FHA loan only.

Apr 5th 2014
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