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DTI little high

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Anonymous
Not applicable

DTI little high

My DTI is a little high I have a car loan my wife pay my loan oficer
says I can do a letter for the undewriter delete it from my dti
this is posibre.some one let me know.

Message 1 of 4
3 REPLIES 3
cdtotten
Established Contributor

Re: DTI little high

Is the car loan in your name? If so, it will almost always be included in your DTI no matter who pays it. It is your responsibility and must be factored in. The simple explanation is that what if the other person decided they didn't want to help pay it anymore... it would be on you and you need to be able to pay everything and still be ok.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Message 2 of 4
Anonymous
Not applicable

Re: DTI little high

They will almost certainly count it.  Usually the cases where they allow it to be dropped would be something along the lines of:

 

Parent co-signs for a car for their adult kid (think college age or recent college grad) who then can show proof through cancelled checks or bank statements that the loan has been paid EVERY TIME out of their account, not the parent.  Also, they may only consider it if the loan is fairly mature so the payment history is well established.  They may also want the parent to show enough reserves that it could be paid off if the child defaulted if need be.

 

They generally do not do this for a spouse.

Message 3 of 4
Anonymous
Not applicable

Re: DTI little high

Also, as already mentioned, they generally do not do this if you are the primary signer on the note in any circumstances, usually only if you are the secondary person on the loan.

Message 4 of 4
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