dti guidelines: Excluding Debt from a Loan Application
- 02/21/15 03:12 PM
There are certain debts that show up on your credit that can be excluded from your Debt to Income ratio (DTI) when applying for a mortgage. Some debts, however, cannot be excluded and may affect your ability to qualify for a loan. The most common debts borrowers try to omit (leave out) from their DTI are: Student loans with deferred payments Car loans that are paid by someone else Installment loans with less than 10 payments left Business loans paid by a self-employed business. In order for any of these debts to even be considered for omission, certain stipulations apply. Student … (3 comments)
I am a financing guru.
I have over 14 years of experience in the financing industry.
I have a high closing ratio of loans that I help clients with. This comes from knowing if someone is a candidate right now or if they need to do things to prepare to be a borrow at a later time. If someone doesn't qualify right now, I help that person so they will at some future time so they everyone has hope to improve their circumstances.
There are certain debts that show up on your credit that can be excluded from your Debt to Income ratio (DTI) when applying for a mortgage. Some debts, however, cannot be excluded and may affect your ability to qualify for a loan.
;)
;)
