How can I count the $8000 credit as 2009 income for a loan?
Question by rideswithchrist: How can I count the 00 credit as 2009 income for a loan?
Because I am sub-contracted, my income will not be used for us to buy a house. We make 31k a year, but only 29k will be counted. We have an auto loan that is 7000 and will be less by the time we buy the house. Is there anyway to prove that the $ 8000 will be received and put towards our 2009 income to cover the auto expensed?
Our monthly DTI would be about 54% with the mortgage and auto loan, but without the loan (which we will pay off with the credit) it would only be about 25%.
How can we show that to a loan officer to use it as income?
We already tried an FHA loan but were told we needed 1500 more per month (ok… I’m not sure how much debt they thing we have, we only want a 95,000 home)
Is there any loophole here?
Best answer:
Answer by real estate guy
sorry, but you can’t. It’s not really income in the fact that it will be there year after year.
There is no loophole.
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Tags: 2009, Count, Credit, FHA Loan, Income, loan officer
This is in no way income and will not be counted as such. This is a tax credit, not a check.
It can’t be counted as income because it hasn’t been there for the last 2 years, and it isn’t likely to continue. Use some of the 8k to bribe your parents into becoming a cosigner.
Most lenders will not go above 50% DTI. Included will be your new mortgage, your new insurance, and your new mortgage insurance. Also any car payments, student loans, credit card, or anything else that shows up on your credit report.