Posted on: 05th Jan, 2010 05:56 am
I am an attorney with significant college loans from undergrad and law school. I work for our local government and therefore do not earn a huge amount of money. I am having alot of trouble getting a VA mortgage because of my high monthly loan payments. The undewriter wants the loans deferred for 13 months to not count them as debt (though the VA guidelines only require 12 months). Sallie Mae won't defer payments longer then 12 months,. Don't know how to get a house with this problem- do I need to go back to school to get in-school deferral for over 12 months or are there lenders who would loan to someone with high DTI?
What is the current DTI? I've ran into this a million times. If you can prove the loan will be/remain deferred for 12 months after closing, you should find financing. Some do require 13 months. Going back to shool is one option (if you actually need to go)..... The other is possibly finding a non-occupying co-borrower to add more income to the loan.
i've never seen 13 months, only 12
