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DPA 2nd/3rd Mortgage? DTI?

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DPA 2nd/3rd Mortgage? DTI?

I'm researching down payment assistance programs in NC. I came across NCHFA which offers 1st time home buyer loans bundled with up to  $8K DPA as a second mortgage. They also offer another DPA program (CPLP) which you can get up to $30K.

 

Additional Data Points:

The $8K DPA loan is forgivable 20% per year at the end of years 11-15.

The $30K DPA loan is deferred until after the 1st mortgage is complete.

 

How do you calculate DTI with a 2nd and 3rd mortgage? Do you calculate each "loan" individually, then total the payments across all three mortgages? 

 

With forgiveness and deferment, does this exclude these loans from the DTI calculation?

 

Just trying to figure out if this is worth pursuing.

 

 


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