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Will payments automatically deducted from my pay to go into my 401K be deducted from my income for loan purposes?

by bob132 from Alloway, New Jersey. Jun 3rd 2016 Reply


Ted Ark (tark@goldmortgage.com)
#31 ranked lender in New Jersey - 33 contributions

Bob,For underwriting purposes, your gross monthly income will not be reduced by any 401k payment. We use the gross monthly payroll amount before deductions. Any 401k payment will be counted as monthly debt debt service. Ted Ark Golden Mortgage CorporationBridgewater, NJ

Jun 3rd 2016
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Dennis Flanagan (dflanagan@fam1fund.com)
#141 ranked lender in New Jersey - 10 contributions

Bob, no if this is your contribution if your 401K and for underwriting purposes we will use your gross income. In the case of a 401K loan payments deducted from your pay we will use it if the total loan exceeds 60% of your vested balance.Dennis FlanaganFamily First Funding, LLCFreehold, NJ 07728NMLS# 221220732-740-7190

Jun 3rd 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

No

Jun 3rd 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

No.. Lenders only look at DEBT when determining your debt to income ratio.. they will ignore any voluntary savings... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 3rd 2016
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Nikitas Kouimanis (MrMortgage)
#8 ranked lender in New York - 102 contributions

No

Jun 3rd 2016
0
0
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