| Chase | Credit | Revolving Debt - Minimum Payment | Installment Debt/Revolving Charge (06/15/10) - PRODUCT SPECIFICATIONS
• Payments of ten months or longer must be considered in ratios. • If debt is 10 months or less may be omitted with compensating factors per underwriter discretion |
| CitiMortgage | Credit | Revolving Debt - Minimum Payment | Revolving Debt - For revolving debts, the following must be included in the debt-to-income ratio: • Minimum payment (from statement or credit report); or • $10 or 5% of the current balance, whichever is greater, if no payment is stated on the credit report. If multiple account payments are not reported, and /or the borrower's ratios are at the maximum permitted for the process selected, the underwriter should obtain actual minimum payments from the borrower's account statements to qualify the borrower. • Revolving debt is an arrangement for credit in which the borrower is granted a credit limit and can use any amount up to the limit. Repayment is usually at regular intervals but not for a specified amount or term. Credit cards are an example of revolving debt. |
| GMAC | Credit | Revolving Debt - Minimum Payment | All revolving debts with more than 10 monthly payments remaining. In the absence of a stated payment, 5% of the outstanding balance or a copy of the
Borrower’s monthly statement indicating the payment amount must be considered to be the required monthly payment. ? Installment debts or student Loans (including deferred Loans) are treated as follows: * With more than 10 monthly payments remaining, the debt is counted in the DTI calculation * With 10 or less monthly payments remaining, the debt is counted in the DTI calculation unless documentation reflects that the debt does not increase the DTI by more than 5% and incremental reserves (sufficient to payoff the balance of the debt and any required program reserves) are documented * For Loans underwritten to DU, DU determines whether to include installment debts with less than 10 monthly payments remaining * Deferred loans are always included |
| ING Mortgage | Credit | Revolving Debt - Minimum Payment | If a revolving credit payment is not stated on the credit report, a minimum payment of
1.5% (18% annually) of the outstanding balance is used to calculate the DTI ratio
- The min. payment stated on the credit report (or calculated as noted above) for a revolving
account will be included in the DTI ratio, even if the borrower states that the balance is paid off
in full each month |
| M AND T Mortgage | Credit | Revolving Debt - Minimum Payment | If no payment is showing, use 5% of the outstanding balance |
| SunTrust | Credit | Revolving Debt - Minimum Payment | • If there is no payment on an open
revolving account on the credit report,
the minimum payment is calculated as
5% of the outstanding balance.
• If there are ten (10) or less remaining
payments, the debt is not counted in
the ratios if the borrower’s ability to
meet the obligation is not affected. |
| Wells Fargo | Credit | Revolving Debt - Minimum Payment | Qualify at the greater of $10 or 3% of outstanding balance |
| Merrimack Mortgage | Credit | Revolving Debt - Minimum Payment | Agency Jumbo - payoff of revolving debt to qualify is not allowed. |
| PHH | Credit | Revolving Debt - Minimum Payment | For all revolving accounts that have outstanding balances with no minimum payment, the calculation would be 5% of the outstanding balance or $10, whichever is greater. Paying off / paying down revolving debt is not permitted. |
| Astoria Federal Savings | Credit | Revolving Debt - Minimum Payment | REVOLVING CREDIT - All revolving charges should be verified by the credit report. The borrower may not pay any portion of the down payment or closing costs with an advance from a source of revolving credit. When qualifying the borrower for the loan, AFS will include all revolving debt in the monthly debt payment calculation. In the absence of a stated payment, 5% of the outstanding balance will be used as a payment. |