Fast Free Consultation!

Loan Amount
Type of Loan
Rate Your Credit
Powered By ChronoForms - ChronoEngine.com

 

 

Do I have to count a debt that is almost paid off for FHA loan qualifying?

Answer

Debts lasting less than ten months must be counted if the amount of the debt affects the borrower's ability to make the mortgage payment during the months immediately after loan closing; this is especially true if the borrower will have limited or no cash assets after loan closing.

Handbook 4155.1: 4.C.4.b
 

Serving every city and town in Florida including:

Arcadia  | Aventura | Boca Raton | Boynton Beach |  Bradenton | Brandon | Cape Coral | Clearwater | Clewiston | Cocoa Beach | Cooper City |  Coconut Creek | Coral Gables | Crystal River | Daytona Beach | DeLand | Deerfield Beach |  Dania Beach  | Davie  |  Delray Beach | Dunedin | Englewood | Ft Lauderdale | Fort Pierce | Fort Walton Beach  |  Ft Myers | Ft Walton Beach | Gainesville | Hallandale | Hobe Sound | Hollywood | Inverness | Jacksonville | Key West | Lakeland | Largo | Margate | Melbourne | Miami | Mount Dora | N. Ft. Myers | N. Miami Beach | Naples | Ocala | Ojus | Oldsmar  | Orlando | Ormond Beach | Palm Harbor  |  Palm Bay | Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St. Petersburg | Sunny Isles | Tallahassee | Tamarac | Tarpon Springs | Tampa | Titusville | Venice | Vero Beach | Wesley Chapel | West Park | West Palm Beach | Winter Haven | Winter Park