Debts Paid By Others

If a debt is reflected on the Borrower‘s Experian FICO8 report, the Borrower is personally liable for the debt and it must be included in the debt-to income ratio. Debts paid by the Borrower‘s business or by someone else can be excluded from the debt-to-income ratio with any of the following supporting documentation: 

• Most recent six (6) months’ canceled checks drawn on the business account; o Tax returns reflecting the business expense deduction; or 
• Business bank account statement showing assets remain after funds to close and reserve requirements are with a balance greater than or equal to the balance of the debt. 
• Evidence that the debt is paid by someone else for more than six (6) months