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12-23-2012 01:40 PM
Needing some advice when I prepare my 2012 taxes next month ( I'm self employed) . Here's my situatiion: I plan to apply in Febuary for a FHA 15 yr. fixed at 3.0% (hopefuly). The loan amount is $82,500. My TOTAL monthly payment will be $765. I have the follwing monthly expenses: Auto $288(balanace 5K) Student Loan $132(balance 2,800) and credit card $40 (balance 1,700). * My 2011 filing shows $31,460 as my taxable income. Given my monthly expenses and 2011 filing, could someone give me an "educated estimate" of the dollar amount I'll need to show for 2012 taxable income? *I'm really concerned with DTI and "back end ratio" and would like to know in advance. Any help is appreciated. Thanks!
12-23-2012 02:44 PM
12-23-2012 03:16 PM
THANK YOU , and yes the $765 includes EVERYTHING you mentioned other than HOA (which I'm assuming means homeowners assn.) which doesn't apply in my case. The amount needed is in the range I was hoping for. Thanks again.
12-24-2012 11:00 AM
I found out today that my mom is giving me and my sister $1,500 each as a Christmas gift. I'm seriously considering applying this to my student loan account . This will bring the remaining balance near $1,300. Iv'e read on several sites that installment loans with less than 10 months of payments remaining are not included with an FHA loan in regards to DTI. If I do this I will have less than 10 months owed given my payment schedule is $132.00 monthly. Just wanted some verification before I proceeded. Thanks
12-24-2012 11:46 AM
I recall reading that online as well, about the 10 installments thing, but it may differ from lender to lender. I believe it's an FHA guideline but lenders often have their own overlays.
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