What debts are not considered when qualifying for a mortgage?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERS › Category: FHA Questions › What debts are not considered when qualifying for a mortgage?

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Thomas Martin Staff asked 5 years ago

Obligations NOT considered debt include:
• Nedical collections are not considered
• federal, state, and local taxes, if not delinquent and no payments required are not considered
• automatic deductions from savings, when not associated with another type of obligation are not considered
• Federal Insurance Contributions Act (FICA) and other retirement contributions, such as 401(k) accounts are not considered
• collateralized loans secured by depository accounts are not considered
• utilities are not considered
• childcare payments are not considered
• commuting costs are not considered
• union dues are not considered
• insurance, other than property insurance are not considered
• open accounts with zero balances are not considered
• voluntary deductions, when not associated with another type of obligation are not considered.

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