09-12-2008 08:02 AM
09-12-2008 09:19 AM
debt is debt they add all of your minimum monthly payments and compare it to your income for your dti. The only thing different is that for most conventional loans if your auto or personal loans have 8 payments or less, they do not include those in your dti. Call the bank or broker you would likely apply with to find out their policies because they can change and/or add their own guidelines to fha. I will assume your car payments are a lot more than your monthly credit card payment so why not pay the cars down to 8 payments or less
Has anyone recently gotten an FHA or Fannie/Freddie loan with high DTI? and by high I mean over 50%. I'm afraid when we go to get a loan, even after paying of our CC substantially we won't qualify. Do lenders look at CC debt differently then an auto loan? Most of our debt is going to be auto loans and Mortgage loans. I would hate to have to wait until I pay off my cars in order to get a loan.....
09-12-2008 11:45 AM - edited 09-12-2008 11:45 AM
09-12-2008 01:08 PM
09-12-2008 02:45 PM
DallasLoanGuy wrote:by 'over 50%'do you mean 51 or 52 or 65?refi the cars?
09-12-2008 05:51 PM
09-15-2008 03:40 PM
mickie08 wrote:would your wife be capable to "buy"out the lease under her name? this would only work if you are in a non community property state if you were gonna go FHA
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.