It used to be that student loans that were deferred 3 years or more did not count against you in your debt ratios. Not anymore…
Now even if your student loans are deferred for longer than 3 years, on a Conventional loan the underwriter will count the debt against you. On FHA loans they will not count the debt against you on student loans deferred for more than 3 years, but I am guessing FHA may follow the lead of the Conventional loans and they may change their policy soon too.
This is another example of the continued tightening of the underwriting guidelines. Expect to see more and more tightening, it will get worse before it gets better.