- Student loan payments - Co-signed credits Debt totals do not usually include insurance, utility or general household expenditures. But also notice that not all forms of income are considered either. GI Bill income for housing is not counted, and some forms of income—such as commissions and...
Cash-Out Refinance Loans:This option enables homeowners to tap into their home’s equity and receive cash, which can be used for various purposes such as home improvements, debt consolidation, or educational expenses. Native American Direct Loan (NADL):Specifically designed for Native American veter...
require a down payment of at least 3%. Conventional loans require mortgage insurance for down payments less than 20%, while VA loans do not. Finally, VA loans charge a VA funding fee between 1.25% and 3.3%, depending on the down payment and whether the borrower has used a VA loan ...
Other debt that may not show up on a credit report that may also be counted include monthly spousal and child support payments and day care. Other expenses, such as food, utilities and entertainment, are not included in the residual income calculation. Residual income requirements vary based upo...