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If I have 7 payments left on my car will that count towards my DTI?

by trentmelgrum71 from Dallas, Texas. Nov 29th 2017 Reply


Aslam ( Sonny) Mansoor Amlani (Liberty)
#58 ranked lender in Texas - 6 contributions

Answer to your question is NOif you have any Question please call me at 972 466 2551Aslam MansoorLiberty Home Mortgage

Nov 29th 2017
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David Ortega (DavidOrtega)
#54 ranked lender in Minnesota - 226 contributions

Generally, no. I have seen underwriters request verification of sufficient funds to pay off the remaining balance at the time of closing in reserves but, that's as far as it goes. However, if your car is a lease, this will not fly.

Nov 29th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,144 contributions

More info needed.. The guidelines say that if you have fewer than 10 payments, AND removing the payment will not cause you a financial hardship, then yes.. we can remove it from your DTI.. So the short answer is yes.. it can be removed, but there are always exceptions.. if you have very limited income, or very high ratios, it's possible the underwriter will not allow it to be removed. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Nov 29th 2017
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