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I am getting ready to refinance. I purchased a car for my daughter, although she is making the payents (auto-payment). Can I have this amount removed from my DTI?

by k.higgins740 from Washington, District Of Columbia. Nov 10th 2016 Reply


Scott Kinne (Skinne)
#31 ranked lender in Virginia - 65 contributions

Yes, but in order for this debt no to be include in your Debt to Income ratio most underwriters will want to see that your Daughter has been making the payments for at least the last 6 months, and sometimes 12 depending on loan program. This means cancelled checks showing the payments are made BY your daughter. Please call me if you need further assistance. Scott Kinne - VP - NMLS #182351 - First Heritage Mortgage.

Nov 10th 2016
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Ernesto Marez (EMarez)
#106 ranked lender in Maryland - 7 contributions

Hello Higgins,you can not have it removed, however it can be excluded from you DTI ratios, by showing proof your daughter has been making the payments from her account and on time.The required payments made should be 3 -12 months (MIN.) and it is the Underwriters discretion.I have successfully excluded an installment loan with 3 payments. feel free to contact me with any questionshave a great day

Nov 10th 2016
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Michael Diaz (sincityloandr)
#1 ranked lender in Nevada - 22 contributions

Looks like you received great advice. As long as we can demonstrate that she is paying the payment we would be able to omit the payment. whoever you choose to do the financing make sure they are a direct lender that goes direct so you don't have a bunch of overlays. If I could be of any help don't hesitate to reach out to me.

Nov 11th 2016
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