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paying off revolving debt to qualify for a mortgage

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Fannie Mae guideline changes will impact debt consolidation mortgages November 17th, 2010 In what has become an annual event, on Dec. 12, 2010 Fannie Mae will release “Fannie Mae 8.2 which will alter underwriting guidelines for its residential mortgages.

Revolving debt account balances may be paid off to qualify and such accounts do not need to be closed as a condition of excluding the payment from the DTI ratio. If the Borrower pays off or pays down existing debts in order to qualify, the payoff or pay down of the debts and the source of the funds used must be documented in the Mortgage file.

We are going to teach you how to pay off debt fast, in a way that has mathematical advantages. Just keep in mind that "fast" here is a relative term. You won’t close out individual accounts at lightning speed, but this method will help you become totally debt free in the fastest way possible.

Consider this: A $100,000 mortgage loan at 4.5% on a 30-year fixed rate mortgage translates to $506 per month, $94 per month less than if you didn’t have the debt. If you pay off the debt in.

You can pay off credit cards to qualify Nearly two-thirds of loan applications are approved by today’s mortgage lenders. Going forward, though, that number is expected to increase.

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Excluding Debt from your Loan Application There are certain debts that show up on your credit that can be excluded from your Debt to Income ratio (DTI) when applying for a mortgage. Some debts, however, cannot be excluded and may affect your ability to qualify.

One common strategy for building your credit score is to pay off credit card debt. It can give your. there’s a big difference between revolving accounts (credit cards) and installment loan accounts.

When you're applying for a mortgage, improving your debt-to-income ratio can. Reduce your total debt by paying off credit cards and paying down any other loans that. The total amount of debt you have; The age of loans or revolving debts.

And if you use a mortgage refinance to pay off credit card debt, then you start missing mortgage payments, you could potentially lose your.

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