Question about Qualification

Purrfection — Thu, 14 Apr 2011 18:49:20 GMT

Here is my situation. I pay between $450-$500 monthly for my mother to care for my children in her home. My parents have a car loan (the car I drive) in their names. My LO is asking me for a copy of their loan statments for the car showing that the car is in their name since it is a newer model car (which won't be a problme). I'm guessing the purpose of this is to verify that I have no debt (which I don't). They do make the monthly payments on the car (it was a graduation gift to me).

My question is, since I am still giving my mother the $450-$500 monthly, will this pose as a problem? I don't want the UW to assume that I am paying my parents, so they in turn can make the car payments, because that is not the case. The car payment is $519. What is the worst case scenario? This be factored into my DTI? Will they accept documentation from my parents verifying this fact?

I don't know what they do with the money that I give them to care for my children, but I do give it to them VOLUNTARILY and sometimes not even only a monthly basis.

Re: Question about Qualification

ShanetheMortgageMan — Thu, 21 Apr 2011 06:09:48 GMT

Dependent care is only factored in for VA mortgages.

topic Re: Question about Qualification in Mortgage Loans

Question about Qualification

Re: Question about Qualification