Selling a home via land contract, how does it affect DTI?
10-08-2012 09:13 AM
My wife and I put a deposit down on a new construction home last month. 3 days later, we sold our Condo via Land Contract. Since the mortgage from our existing residence is technically still in my name, does it still get calculated with our DTI? I am curious more than anything. We got approved for both mortgages, just wondered if it will make our DTI better seeing that someone else is making the payment. Thanks in advance for your insight!
Starting Score:5/22/10 590
Current Score: 6/25/12 658
Lender Mid Score: 7/18/12 658
Goal Score: 700
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