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I have a lot of student loans but they are in deferment. Do they count against my debt to income? Also is the Nelnet summary/mortgage verification form enough documentation?
 
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Best Expert Answer
Joe Wallace... Answered 301 more questions
a month ago
FHA loan rules in HUD 4000.1 state that the lender must have documentation showing the status of your student loan. Furthermore, "Regardless of the payment status, the Mortgagee must use either:
the greater of:
- 1 percent of the outstanding balance on the loan; or
- the monthly payment reported on the Borrower’s credit report; or

the actual documented payment, provided the payment will fully amortize
the loan over its term."
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For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
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Matthew Hall... Asked 1 more question
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I am looking at purchasing a new house, this would be new construction in a planned community. I currently have an FHA loan on my current house. I have enough equity in my current home along with assets to have a 20% down payment on the next home. Is it possible to start the house and mortgage before selling my current home?
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A Curious User
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The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
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A Curious User
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My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
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