Debt Components of Mortgage Ratio

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ubermax
Posts: 1888
Joined: Tue Feb 11, 2014 1:19 pm

Debt Components of Mortgage Ratio

Post by ubermax »

Credit card debt , loan debt ( auto , home , etc ) are some of the usual components used in the debt/income ratio - would a monthly condo fee be counted as well or would it be thought of as a monthly utility bill which I believe isn't counted - are there some that I've missed ?

Thanks in advance for your thoughts .
fabdog
Posts: 2543
Joined: Wed Jan 16, 2013 12:59 pm
Location: Williamsburg VA

Re: Debt Components of Mortgage Ratio

Post by fabdog »

From the Fannie Mae website
monthly payments for other recurring monthly obligations;
complete link below

https://selling-guide.fanniemae.com/Sel ... Obligation

edited to add the monthly guidance section specifically calls out HOa, etc

https://selling-guide.fanniemae.com/Sel ... 6-2020.htm

Your mortgage broker can tell you for certain

Mike
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