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Are 401K loans reported on your credit? Is the payment typically added into DTI ratios?
I briefly had a couple 401(k) loans and they did not appear on my credit reports. They were only open for a couple months. The payments were included in my DTI calculations when I was applying for a mortgage.
Thanks Lel. Did it appear in your financial info, or did you disclose the monthly debt?
Mine do NOR appear on my Credit reports.
Part of my regular expenditure each month when looking for a mortgage
Hello, a 401(k) loan never shows up on you CR. In essence you are the creditor to yourself. I took a 401(k) loan for the closing and downpayment of my home. Make sure IF you are taking a loan for home purchase you are requesting a "residential" loan as you can amortize over 15 years vs. 5 for a "traditional" loan in most cases. You usually only need to provide a signed copy of your P&S by both parties. Yes it should be included in your DTI as mentioned.
@Anonymous wrote:
Thanks Lel. Did it appear in your financial info, or did you disclose the monthly debt?
I disclosed it to the lender.