Is a 401k loan included in 28/36 debt ratio calculations, during mortgage qualification?
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Yes. Since all calculations are based on your gross, not net, income, then any additional reductions like loan payments need to be included.
Your 401k has nothing to do with your DTI ratio…
A 401k statement is required by many lenders though to prove assets.. When qualifying for a mortgage laon, a lender would rather lend to someone who has a 401k with $ 20k, then someone who has $ 0….
But, as for it haveing to to with the 28/36…It has absolutely NO FACTOR in tyour debt to income ratio…
Now, are you talking about having a 401k, or do you have a loan that you have borrowed from your 401k?????
If thats the case, then yes you are right… Any loan that you owe on, and are currently obligated to a payment will be factored into your DTI ratio…
Are you currently refinancing? Your broker wasn’t able to answer this for you?
My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender…
If you would like to work with someone that can answer any and all questions you have, feel free to call me at 312-264-6448, or email me at jasonf@providential.com..
Good Luck!
Jason Fry
Senior Mortgage Specialist
Porvidential Bancorp
312-264-6448
oh yes a 401k can be for piti or down payment