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re: Anyone ever heard of my loan underwriter situation?
Posted on 5/26/16 at 4:54 pm to hawkeye007
Posted on 5/26/16 at 4:54 pm to hawkeye007
For a home loan does current rent get excluded from DTI ratio and mortgage amount take its place?
2
Posted on 5/27/16 at 12:18 am to JamalSanders
Yes. If your purchase is for a primary residence, the assumption is rent will go away when you close on your new home.
Posted on 5/27/16 at 12:21 am to SomethingLikeA
Hawkeye,
Are you in Louisiana? Do you still originate?
Are you in Louisiana? Do you still originate?
Posted on 5/27/16 at 12:23 am to dualed
Give me a call tomorrow at 225-239-7142. I work for Assurance Financial and will be able to help you.
Posted on 5/27/16 at 10:26 am to JamalSanders
yes rent is never considered in ratios
Posted on 5/27/16 at 10:26 am to SomethingLikeA
yes and yes
Posted on 5/27/16 at 10:32 am to hawkeye007
quote:
yes rent is never considered in ratios
What all is considered in ratios? Right now I bring in $5k/ month pre-tax and the only loans I have are student and truck ($700/month) but rent, insurance, phone, utilities are an extra $1k.
Posted on 5/27/16 at 10:58 am to JamalSanders
The way it's been explained to me, your dti is your monthly income and your monthly bills/ loan payment.
So a 50,000 car with a 500 a month loan affects you less than a 15,000 car with a 600/ month payment.
Utilities etc. are not really considered they are part of the 'fluff' of your income that is above the ratio.
So a 50,000 car with a 500 a month loan affects you less than a 15,000 car with a 600/ month payment.
Utilities etc. are not really considered they are part of the 'fluff' of your income that is above the ratio.
Posted on 5/29/16 at 9:19 am to baldona
Yes that's correct. The balances are not as critical, if at all, compared to monthly payment.
Especially for credit cards, almost 100% of the time, we use the credit report minimum payment regardless of balance.
Especially for credit cards, almost 100% of the time, we use the credit report minimum payment regardless of balance.
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