Put first unit under contract now student loan is in the way

[Dottie W.]

so I got pre qualified 12/31/2015. 3 days ago I finally found a townhouse that's in the budget and has been sitting for 6 months (winter listing). I put it under contract 3 days ago & have to produce the pre approval letter by Tuesday. Mortgage broker now tells me the laws have changed and he has to count my $50k student loan debt...NOOO!!!!! On the USDA, this pushed me over the debt to income ratio by $500. He said pay down debt and I'm like ...really! Then he said make more money & I was like cool, I picked up a part time job a month ago. He was like, you have to have had the job for 2 years. And I'm like what. Then he says send 2014 - 2015 w-2. So I did , I also told him I made $8k under the table in 2014. In other words, I was working for family being paid by personal check. The bank statement will confirm but there's no w-2. The thing is, I've been in school since 2013 and loans are deferred, why is he counting them when FHA doesn't? Are there any loop holes in the student loan USDA Mortgages! I have to move by June! Thanks 😁

[Wayne Brooks]

This is the problem with a half a$$ prequalify/preapproval.  He's just now asking for w-2's for 2014 and 2015, after the fact......and, those don't even really matter...they need your tax returns, so they can see the unreimbursed employee expenses people claim that reduce your w-2 income by $15k.  Find a different lender, Now!  And people wonder why we question the prequalify/preapprovals we receive.