The entire payment for the mortgage will be included in your DTI. They won't deduct half.
Starting Score: 504
Current Score: EQ FICO 819, TU08 778, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
tatum4315 wrote:My wife and I are both working and both on the home mortgage. When qualifying for auto loan for myself only, do I have to factor in the full amount of mortgage, inc. taxes and insurance, or can I claim half the payment?
Thanks, Tatum
Hi! You may check with a CU and ask them to quote you both an individual auto loan, and one that is joint with your wife. If there are credit blemishes on her report, they may not matter, as some Credit Unions only use the score of the primary applicant when determining the rate.
Best of luck!
Starting Score: 08/29/2011 TU 671 EQ 674Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!
Take the myFICO Fitness Challenge
Shogun wrote:The entire payment for the mortgage will be included in your DTI. They won't deduct half.
+1. Any debt , either in your name only, or joint with others will be included in your individual DTI calculation. Found that out when I bought an atv last year. Got a .25% penalty added to my rate because of high DTI. That was also because I was joint with my daughter on her car also, and had not paid off my student loans then.
Starting Score: 1/05 upper 500's??Current Score: FICO: EQ 783, TU(98) 790, EX 814(Vantage) 779(CS) Goal Score: .....800 IS ON MY BUCKET LIST! EX ,BITE ME! .
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
