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Will the banks consider my school loans if I'm still in school and not required to pay back yet?

I'm wanting to buy a duplex and live in one half but I still have one semester left before I graduate. I'm also planning on staying in school another 4 years for pharmacy school. I would like to know if they will pre-calculate my loan payments (from the amount I currently have borrowed) when I apply. I am also wondering if I would be able to use the other side of the duplex as income if it's already rented when I buy. I've heard you can't do that anymore but I don't know if it is true or not.
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September 29 2013 - Memphis
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Call Stuart Clamp 615-668-2392 or you can contact me through my profile by clicking on my name

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September 30 2013
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I'm looking to buy a few months from now before I graduate because again it will be another 4 years before I get out of pharmacy school. I would definitely like to speak with a loan officer if you could put me in contact with someone.
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September 30 2013
Shannon,
Are you looking at buying now or after you graduate?  You will not be able to use the rental income to qualify.

If the student loan is deferred the credit report won't show a payment.  The lender will use the payment that the student loan company states is the minimum payment on the loan when you start making payments. We usually request a payment letter from the student loan company.

If you finance the purchase with an FHA mortgage your student loan payments can be ignored if your payments are defered for greater than 12 mos. from the note date. If you don't qualify with the student loan payment and if you are not looking at purchasing until you graduate from your current program then you'll want to enroll in the graduate program prior to getting the loan.  We'll request an anticipated graduation date from that program and since it will be more than 12 mos out we'll be able to exclude the payment from the debt to income calculation.

We are here in TN if you would like to work with someone in TN I can put you in contact with a loan officer to assist you.
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September 30 2013
Shannon,
I suggest that you contact a local lender to determine your qualification for a mortgage.   However, I expect that your total debt, including all your student loans,  willl be considered in computing your debt to income ratio.  Also usually you cannot count rental income unless two year history of receiveing that income.

The best advise I can give is to contact a local direct lender, explain your situation, explain what you want to do and follow their advice

Gerald Williams
Weichert Realtors - Benchmark
 
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September 30 2013
 
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