NFTYDoor uses the Experian Decision engine tool for the credit standard review.
Installment Debt:
Installment debt is a monthly obligation with fixed payments and terms. Payments on installment loans must be included in the Borrower’s debt-to income ratio. Payments can be excluded if there are ten (10) or fewer monthly payments remaining to pay the debt in full. Installment debt paid down prior to closing can be excluded from the debt-to-income ratio.
Revolving Debt:
Revolving debt is open-ended debt in which the principal balance may vary from month to month. The minimum required payment as stated on the credit report or current account statement should be used to calculate the debt-to income ratio. Revolving accounts are allowed to be paid at closing in order to exclude the payment from the debt-to-income ratio.
**PLEASE NOTE**
The revolving debts' balance from the credit report will always be used. We cannot use a paid-in-full document to remove the revolving debt from the DTI
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