Short term debts FHA purchase
Updated: 01/09/2018
Article #: 15
Hello Angie Kelly,
You can but only if it meets the following:
All applicable monthly liabilities must be included in the qualifying ratio. Closed-end debts do not have to be included if they will be paid off within 10 months and the cumulative payments of all such debts are less than or equal to 5 percent of the Borrower’s gross monthly income. The Borrower may not pay down the balance in order to meet the 10-month requirement.
Original question:
Can I short term a car loan on an existing home like new construction and not count in my debts and not payoff in full at closing? I have a car loan with less than 8 months left and clients probably wont close for at least another two months so even less will be owed at closing time.
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