I'm interested in applying for an FHA loan to buy a home. Are my student loans considered when applying for an FHA loan if I'm enrolled in college half-time in a degree program? My understanding is that if I'm enrolled at least half-time in a degree program that my student loans are in an "in school deferment status" until I've completed the program and thus would not be considered when figuring my monthly payments (debts). Is this true?

Hi Dana,That is correct. You're student loans need to be deferred 12 months from the date you close on the home so the payment does not have to be counted as a liability.Sincerely,Colby NealBranch ManagerAffiliated Bank MortgageNMLS # 815067 | Member FDIC(866) 282-2956 x 6104 | Office(800) 488-6185 | Faxcolby@imortgagelending.com

Hi Dana, welcome to Lender411! For an FHA loan, your student debt will not be considered as long as it is deferred for at least 12 months beyond the closing date. Conventional loans will use some sort of percentage of the balance as a minimum payment (percentage varies depending on the lender), but FHA will allow you to keep the loans out of your debt-to-income ratio. I'm a local mortgage professional here in Scottsdale and would be happy to clarify this or answer any other questions you may have. You can reach me directly at 480-368-7715. Have a wonderful day! John Moran

With an FHA loan... if you can prove and document the student loans are deferred at least one year past the homes closing date, we are able to disregard those payments. If you can not prove, I have to factor a payment of 5% of the balance. If it is less than 12 months, you can get a copy of what the payments will be once it comes out of deferment, and lenders will use that payment in your debt ratio. www.JoeMetzler.com/fhaloans.htm

You are correct IF you loans are in deferment and will be in deferment for at least 12 months from the date of the mortgage,I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!

Correct, if in deferment for a minimum of 12 months from the purchase. We are an Arizona Bank, FHA direct lender. We process, approve and fund directly all of our loans. If you are purchasing in Yuma, Kingman, Lake Havasu, Bullhead City or the Phoenix metropolitan area we have a lender and office near you.Give me a call if you would like to meet with a mortgage consultant.1-888-404-6725Gary Ardesson, Sr. VP Mohave State Bank, NMLS #450094.

YES, you are correct, so you need to get approved , and everything so when the deferment is completed so it is at the exact timing.. linda yourloanpartnerforlife@live.com

If they are showing as open accounts and due each month then they would count. If they are deferred for over 12 months then you are okay to move forward with a mortgage.