2006-08-02 04:43:59 · 3 answers · asked by BowtiePasta 6 in Business & Finance ➔ Renting & Real Estate
Yes. Since all calculations are based on your gross, not net, income, then any additional reductions like loan payments need to be included.
2006-08-02 04:50:03 · answer #1 · answered by amkornele 3 · 1⤊ 0⤋
Your 401k has nothing to do with your DTI ratio...
A 401k statement is required by many lenders though to prove assets.. When qualifying for a mortgage laon, a lender would rather lend to someone who has a 401k with $20k, then someone who has $0....
But, as for it haveing to to with the 28/36...It has absolutely NO FACTOR in t\your debt to income ratio...
Now, are you talking about having a 401k, or do you have a loan that you have borrowed from your 401k?????
If thats the case, then yes you are right... Any loan that you owe on, and are currently obligated to a payment will be factored into your DTI ratio...
Are you currently refinancing? Your broker wasn't able to answer this for you?
My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender...
If you would like to work with someone that can answer any and all questions you have, feel free to call me at 312-264-6448, or email me at jasonf@providential.com..
Good Luck!
Jason Fry
Senior Mortgage Specialist
Porvidential Bancorp
312-264-6448
2006-08-02 11:52:05 · answer #2 · answered by MortgageGuy 3 · 0⤊ 0⤋
oh yes a 401k can be for piti or down payment
2006-08-02 12:40:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋