Pay installment loan to exclude it from DTI

[Anonymous]

Hi and thank you for all the help....

Can I make one payment to pay down my car loan so I can have a balance of 10 months left? The idea is that this debt can be excluded from the DTI calculations and it is not closed...

[CreditInspired]

I found this on Google so it also depends on type of loan you're applying for. And, of course, every lender has it's own set of rules based on your overall credit profile.

• Fannie Mae (Conventional): You can omit these debts on a case-by-case approval.
• Freddie Mac (Conventional): You can omit these debts on a case-by-case approval.
• FHA: You can omit these debts as long as the payment is less than 5% of your monthly income.
• USDA: Contact a mortgage expert for more info.
• VA: Contact a mortgage expert for more info.

I'm sure others will come a long to provide more detailed information.

[Anonymous]

I need to exclude the car loan from the DTI calculation so I can qualify for a Conv. Loan

Thank you