We are considering purchasing a house within the next year or two. It would probably be an FHA loan because coming up with the down-payment is one of our biggest challenges. Right now we pay almost $1100 a month just in rent and price range of homes we were looking at would have a monthly payment of around $600 (even with the low down payment from FHA). When trying to qualify will they take that into account?
When Applying For A Home Loan Do They Take Into Account How Much You Currently Pay In Rent?
February 23rd, 2010 by Home Loans Leave a reply »Posted in Home Mortgage Loans ?
Tags: Account Applying Currently Home Into Loan Much Take They When
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No they don’t…. they take you employmeny history, credit history and score, bank account, down payment and DTI ratio
No that is not taken into account, next question does the $600 include taxes and insurance, or just the cost of the loan? Makes a difference
They will not even ask how much you pay, it is not relevant.