Can Mortgage Lenders Ignore My Monthly Auto Costs?
August 31st, 2008 By Peter G. Miller
Question: Is there any way that auto payments will not reduce my ability to qualify for a loan?
Answer: Yes.
You MUST tell lenders about all outstanding debt and payments. In the case of an auto loan or other installment debt, some loan programs will not count the debt against qualifying ratios if there are only six to ten payments remaining.
Please speak with lenders for details.
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