PAYING OFF DEBT TO QUALIFY

Posted by admin on February 15, 2012

PAY OFF VS. PAY DOWN

Accounts may not be "paid down" to 10 months or less to allow the borrower to qualify. Installment or Mortgage accounts must be paid in full. Auto leases must be held in ratio’s regardless of the number of payments remaining.

The Payoff of revolving accounts in order to qualify the borrower is no longer allowed for any LP approved loans.

The payoff of revolving accounts in order to qualify MAY be allowed for DU approved loans if the account is paid in full and the credit line is closed. This is an exception to policy and is subject to exception pricing.

 

equal-housing-lender-logo-vector.pngData Mortgage dba Essex Mortgage is an equal housing lender. The corporate office is located at 2200 W. Orangewood, Suite 150 Orange, CA 92868 California Department of Real Estate License No. 00936013 . California Department of Corporations #603-G833 NMLS License 70377 Data Mortgage Inc. Member FDIC

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