fha installment debt less than 10 months

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For many years, decades in fact, Fannie Mae guidelines have allowed lenders to exclude monthly obligations that have less than ten months of payments left before being paid off. For example if your car payment is $287 per month and you have a balance of $2,450 the $287 monthly payment would not be counted in your debt-to-income (DTI) qualification.

An installment loan (i.e. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a FHA home loan. However, consideration is given to a large debt of over $100 a month, regardless of the number of months remaining. Furthermore, payments o auto leases with less than

Fannie, Freddie, FHA and USDA – Installment Debt Under 10 Months – Will any of the agencies not count debt that is paid down to 10 months or less? FHA Answer: Unfortunately, FHA does not allow for debt to be paid down to the 10-month payment level in order to exclude it from the DTI.

 · All loans, leases, and credit cards are factored into the debt calculation. utilities, insurance, food, clothing, schooling, etc. are not. If a loan has less than 10 months remaining, a lender will usually disregard it. The minimum monthly payment listed on a credit card bill is the figure used, not the payment made.

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If the credit report does not show a required minimum payment amount and there is no supplemental documentation to support a payment of less than 5%, the lender must use 5% of the outstanding balance as the borrower’s recurring monthly debt obligation.

made all housing and installment debt payments on time for the previous 12 months and has no more than two 30-Day late Mortgage Payments or installment payments in the previous 24 months. The underwriter may approve the Borrower with an acceptable payment history if the Borrower has no major derogatory credit on revolving accounts in the

First-time and move-up home buyers with heavy debt loads. to 30 percent in the coming months. Other lenders believe the decline will be smaller. Paul Skeens, president of Colonial Mortgage Group in.