under the new lending rules relating to student loan debt that lenders what are mortgage options if I have high student loan debt

Here is the exact guideline from FHA: Debt payments such as a student loan or balloon note scheduled to begin or come due within 12 months of the mortgage loan closing must be included by the lender as anticipated monthly obligations during the underwriting analysis. Debt payments do not have to be classified as projected obligations if the borrower provides written evidence that the debt will be deferred to a period outside the 12-month time frame. If you get a Statement, even an Online Statement that shows your payments are deferred and what date the payments will resume, that should be sufficient documentation as long as by the time you close, you are at least 12 months or more from your payment due date! I'd be happy to work with you if you'd like in more detail!

If your student loans are reported as deferred on your credit report (deferred for at least 12 months), we don't have to use the payment amount in your debt-to-income ratios for FHA. On the Conventional loan side, we would have to include the monthly payment in your ratios even if they report deferred. I am an Illinois licensed lender (right down the street in Bartlett). barb.lanis@1amllc.com - 1st Advantage Mortgage

On an FHA loan, your student loans would have to be deferred for 24 months. An FHA loan only requires 3 1/2% down for your new home purchase.Kris KrajeckiGreat MortgageGeneva, IL#225689630-347-6321Imcallingkris@aol.com

You would need proof from your creditor (student loan provider) that your student loans are in deferment or a non payment state and that they will continue that way for a minimum of 24 months.

Proof of 12 month deferment is is what FHA requires. This is per their guidelines. It's possible that some lenders would have their own "overlays" that may be longer, but FHA only requires a 12 month deferral. I think that it would not be difficult to document that the loans are indeed deferred and we could get documentation to support this from you. We would take your proof of your IBR and submit this to the credit agency and have them verify. This should be sufficient for an underwriter. The July 2013 is probably your biggest obstacle because at this time, you can't show deferred for 12 full months. Not until it's "renewed." barb.lanis@1amllc.com

Just have your loan officer do a credit supplement for the loans and then go FHA. The credit supplement people can always ask the Student Loan people if it will be deferred longer and maybe you'll get an answer that it will be longer too.

I would like to hope in here with a quick question.On my student loan, I'm so far ahead in payments, my next due date is more then 14 months from now.Would that be taken into consideration like a deferred payment would be?Sorry to hope on this thread but I had to ask.

Hop, I know how to spell hop. lol