Quick question:
I have paid a few extra payments on a few of my installment loans in order to have less than 10 months remaining. If I remember correctly, the lender will not count those payments in my DTI calculation. I know they did not in 2001, when I purchased my last house, but not sure if the rule still applies.
It is my understanding that is not true with a leased vehicle. My lease expires in less than 10 months, however, I own a 2nd vehicle, outright. I think I read that they have now started counting lease payments regardless if it will expire. Is there a rule about counting lease payments if there is another vehicle? My second vehicle is older, 2003.
I have secondary income that probably won't count (2nd adjunct teaching position only 1.5 years, military pension from spouse to start in November through a separation agreement). The other teaching position is over 2 years, child support still has 6 years, and full-time employment over 8 years. I also have over $200k in 401k, and $10k in stocks, all to be used for reserves. And, $15k in cash ($10k given for relocation from my new fed employer).
I also have student loans payments: IBR (I am a federal employee: Student Loan Forgiveness Program requires you to sign up through one of the repayment plan). Does Conventional Loan use the IBR payment or 1%? Which type uses IBR payment as listed on my credit report?
I am reluctant to apply for this mortgage. I feel I don't have all my ducks in a row yet.
Here are my scores:
FICO Score 8: EQ 784, EX 784, TU 767
Mortgage: EQ 759, EX 800, TU 760
