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FHA Loan rules on student loans are found in HUD 4000.1, FHA loan rules apply to both the ongoing payment of an existing loan, plus any loans that are considered "deferred obligations" which are deferred or in forbearance.
The rules for federal student loan forbearance are standard and apply to all federal loans. Private lenders have discretion for when forbearance is permitted and how long loans can be in forbearance. Federal student loans typically offer more options for forbearance and allow loans to be put into forbearance for longer.
Your student loan payments may be deferred or in forbearance. If your loans are deferred, you have no payments due. When you begin to make payments on your student loans, you may have several options. You may be making payments on your student loan based on your income.
A student loan borrower is either in deferred payment status or is actively paying on her/his student loans. Your lender will need to determine how your debt ratio is affected by the ongoing or deferred loan.
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With student loan forbearance you get a temporary break from making your payments. However, you still need to pay the monthly interest accrual payment on those loans. With student loan deferment you are, in some cases, allowed to defer the interest payments as well.
A reader asks, "If applying for FHA and student loans are in deferment until after the closing date, does it have to show a year after the first payment is due? For example, if the payment is due July 1, 2012 does it have to show July 15, 2012 or later?" This question is addressed in the FHA loan rules spelled out in HUD 4155.1, Chapter 4 Section C.
My borrower has applied for an FHA loan to buy their first home, and they have several student loans in deferment. The monthly payment on their credit report is $0 but the underwriter said we must.
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