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My LO says my DTI is 49% but I am not getting that when I do it myself.
Income: 44,387.20 per year
Farm Loss: calculated by lender as 3828 per year
Which means income should be 40,559.20 per year
Debts:
Current Home 473.00 with escrow payment
New home purchase would be 154,700, $7,700 down=$147,000
I was figuring the payment with escrow at $1033 per month. Taxes are 1800 per year, insurance 981.00 per year.
So if I add that all up 473+1033=$1506
divided by income 40,559.20/12=3379.9
which is 44.6%.
Am I off somewhere?
Do you have any other monthly obligations that show up on your credit report such as car payment, student loan, credit cards? All of these were taken into consideration when calculating my DTI ratios.
Nope, that is it.
Found out there is a student loan account reporting on my credit report that I don't know anything about! It is isn't in repayment and I graduated from college about 7 years ago!
Guess I have to try and get that taken care of too.
Glad, you found where the error is coming from.