I am sure this has been asked before but I couldn't find it when I did a search....If you are trying to get a mortgage loan and have student loans but are still in school (and will be for 2 more years) will the student loans count as monthly debt? If so, do they just figure what they will be after you graduate or what? I just started graduate school and am wondering how this works.
Any installment loans that are not going to be paid off within the next 10 months after obtianing a mortgage, will be counted in your back ratios.
Student loans while indeferment will NOT count towards your ratios as long as get a lender from your services stating that the loans are defered and when the first payment will be due. I had to do this when I got my mortgage because I was half time in graduate school, so all my student loans were in deferment. Different mortage lenders have different requirements for how far away that date of first payment needs to be before they won't count those loans. I think 2 years is the cuttoff for many (but not all) mortgage lenders. I think the assumption is that by time they come out of deferment, you will have paid other debt and/or have a higher income (as is often the case after a degree is completed)
