Fha loan trouble. Need urgent help

[Clipper965]

What is the name of your state (only U.S. law)? Florida:
I was supposed to close on a house this week. Only One week ago my loan officer informed me that my student loans, he knew were in forbearance until Feb 2011 were in issue. FHA rules they claim loans must be in forbearance one full year. So if I close in June then my loans must be in Forbearance to June 2011. Is there any policy exemption FHA could give me anyone knows of? I have already put a $1000 deposit, and paid $415 for an apprasial and $100 for a roof inspection. If I lose this house do I have any recourse against the bank as the loan officer has been negligent thoughout this whole process ignoring emails from my realtors and other agents. They dropped this bomb on me one week before closing !What is the name of your state (only U.S. law)?

 

[HUD-1]

Handbook 4155.1:

Projected Obligations. If a debt payment, such as a student loan, is scheduled to begin within twelve months of the mortgage loan closing, the lender must include the anticipated monthly obligation in the underwriting analysis, unless the borrower provides written evidence that the debt will be deferred to a period outside this timeframe.

 

[HUD-1]

P.S. I don't think this is something that would be waived. You would need to get an additional deferrment, otherwise the payments are cranked into the underwriting. Why get into a house you will not be able to afford in 10 months?

 

[Clipper965]

Wait

I am a social worker, I am going into an income based payment plan at the end of Forbearance that will reduce monthly payment for another 7 years and then loan is forgiven for public service employees. I Know FHA rules but the stupid loan officer did not tell me them when I started. They just dropped this bomb on me 4 days before closing and the seller will only wait till the end of May.

 

[HUD-1]

Get something in writing from the DOE about the payments after the current forbearance plan. The lender could use this lower payment in the underwriting. With the payments included in the underwriting your total debt payment should be around 43%. If is is significantly higher than that, it will be a credit denial.