Does private Catholic School factor in DTI?

[emm74]

Originally Posted by sonderella

Yes, it would. We'd look at the terms of the loan, and qualify the borrower carrying it. Wouldn't really matter what the purpose of the loan was, so much as the amount, monthly payment, remaining term.

I've never never seen that, though. I was a mortgage underwriter for 15+ years. Or, maybe I did, and just didn't realize it, as the reason for the debt wasn't disclosed, just the fact that it was there.

Tuition itself wouldn't be included, as it's not something you are legally obligated to continue, or even asked to disclose.

thanks! That's what I was figuring. I didn't have a loan for that, but I had looked a little into private school for my son and some of them had that kind of service where you took out a loan for the tuition and paid that back monthly to the loan company rather than paying the school each month.

[hendersj31]

Yes, some of the schools used to accept a payment plan over 9-10 months directly to them. The few that I personally know of have switched to using a local bank.

Originally Posted by thelopez2

How was it done before? Did the school take a payment plan?

[vipersfc5]

We just got pre-approved for $325K. Our lender said he does not care about schooling. If it ain't on our credit report, he is not concerned with it.

The only thing on our report is our car payment of $371/month and about $80 minimum payment for credit cards. I asked if he wanted us to pay the credit cards off and he said no. If we could pay them off without touching our savings then it definitely won't hurt.

Our mortgage credit scores were 803 and 782. Smooth sailing with those score he said.

[Seguinite]

Originally Posted by JONOV

...
An employer can't ask your age on an application...

It's been several years since I last filled out a job application, but I'm relatively certain that every single one of them asked for a date of birth, including federal applications. Whether they can claim they don't use that information is another question altogether. As Mr Monk would say, "I may be wrong... but I don't think so". But maybe.