topic How much of mortgage is included in Auto loan DTI? in Mortgage Loans

How much of mortgage is included in Auto loan DTI?

doublespaces — Mon, 12 Sep 2011 18:14:53 GMT

Didn't get a response in the Auto section. I am on a mortgage with my Fiance on the loan. Its a 1500 mortgage, how much of this will they include into my DTI for an Auto loan qualification? Will they count just 750 if we split the mortgage? Will they need to verify her income?

Re: How much of mortgage is included in Auto loan DTI?

ShanetheMortgageMan — Tue, 13 Sep 2011 01:16:25 GMT

I am sure they'll include it all - as on our auto loan/lease applications there wasn't a spot to say how many people pay the mortgage, just if I was married or not. We never had to verify our income, just listed it on the application and each time my scores are similar to yours now. I remember them saying something about listing all possible bank accounts though - so I felt that the more assets you can list the more it helps. Since auto financing isn't my forte I can only tell you from my experience.

Re: How much of mortgage is included in Auto loan DTI?

doublespaces — Tue, 13 Sep 2011 18:50:29 GMT

Thanks Shane, how long ago was this?

Re: How much of mortgage is included in Auto loan DTI?

ShanetheMortgageMan — Tue, 13 Sep 2011 21:13:57 GMT

3 & 4 years ago - not sure how much auto financing has changed.

Re: How much of mortgage is included in Auto loan DTI?

cdtotten — Thu, 15 Sep 2011 14:44:32 GMT

The whole payment will be included. You are responsible for the whole loan, not half of it. If your wife didn't make the payment, you would have to at any time. This goes for all debts when figuring into DTI - if your name is on it, you are responsible for the whole thing.