Statements of unverified debts

[ESA2012]

I need to provide statements to my undisclosed debts. I have a monthly payment automatically coming out of my checking for a rainbow vacuum (however not reporting on my credit file) and I make daycare payments and electric payments through my checking. How will this effect my UW decisions will they increase my DTI ratio? I really wish they were not digging more into my checking but I made a deposit that needed explanation and I transfer money frequently through checking/savings. Any advice would be great

[DallasLoanGuy]

the rainbow pmt will affect dti

child care and electric will not

[Rb0337]

If you are doing a VA loan by chance, then childcare would count.

[ESA2012]

Thanks I am doing FHA
Is there a good DTI calculator on the web I can use to look at the #s? I think ill be under DTI but I'd like to look for peace of mind. My loan is very reasonable slightly more then my rent I'm paying now.

[ESA2012]

land safe verified the debt with the company and now they are reporting it to credit bureau and it made my score drop a few points from what i can tell. ugh. i really hope this doesnt effect my loan approval. my DTI is still with in limits... i paid my other CC off to get my scores back up.

[Startfromwithin]

Wow.

My file is with the Processor right now. It has not yet hit UW. I'm wondering if they will request the same thing from me.

I am paying my Orthodontist about $200/month. They will be paid off in about a year. I read somewhere that if the debt will be paid off within a year, it won't hurt your approval. Has anyone heard if that is true?

I've also been using my American Express Corporate Card. It doesn't report on my credit. I've stopped using it... now that I'm in the process of securing this mortgage loan, so after my next statement is paid in full, there will be no balance there.

I asked the question about the American Express Corporate Card, and an Underwriter replied in a MyFICO Forum and said that if it's not reporting on your credit report, the Underwriter doesn't usually question it in a normal underwriting process.

We'll see!! I hope that's the case!!

[DallasLoanGuy]

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@Startfromwithin wrote:

Wow.

My file is with the Processor right now. It has not yet hit UW. I'm wondering if they will request the same thing from me.

I am paying my Orthodontist about $200/month. They will be paid off in about a year. I read somewhere that if the debt will be paid off within a year, it won't hurt your approval. Has anyone heard if that is true? only if the pmt is considered insignificant will it be excluded. the threshhold for 'significant' seems to be $100

I've also been using my American Express Corporate Card. It doesn't report on my credit. I've stopped using it... now that I'm in the process of securing this mortgage loan, so after my next statement is paid in full, there will be no balance there.

I asked the question about the American Express Corporate Card, and an Underwriter replied in a MyFICO Forum and said that if it's not reporting on your credit report, the Underwriter doesn't usually question it in a normal underwriting process. if it shows zero, they usually accept that

We'll see!! I hope that's the case!!

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[Startfromwithin]

Thank you Sir!!

[ESA2012]

It's not going to deny my loan approval thank heavens, just need it verified. Hoping to close the 17th.

[Startfromwithin]

Sheesh!

That's a relief! Great news!!! I can't wait to read the post about your close!!!