Apply for a FHA Mortage

2 Replies

Hi All,

I am trying to figure out my debt to income ratio for a FHA loan, if I have a private debt meaning I owe a friend some money and I am paying him monthly. Do I have to include that in my recurring monthly debts? Thanks

If you do not disclose it to the lender, they likely won't know about it.  It is possible the underwriter will see the payment coming out of your bank statements in subsequent months and inquire about it....but that isn't likely to occur.  My advice would be to go through a mortgage broker (like me).  Mortgage brokers are independent and thus can give you advice on questions like this that a MLO in a bank branch might not be able or willing to help you with.

@Justin Morris  If you've already been paying them monthly, I think they would question what it is when they review your bank statements.  Last time I applied for a mortgage, although it's been a few years now, they questioned everything.

My 2 cents.

- Tom

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