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If you have a monthly payment, then the amount needs to be included. The lender is doing this so that they know you have the money to pay the mortgage, and that you are not financially overextended.

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Q: Does a timeshare have to be included in your debt to income ratio when applying for a mortgage?
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Related questions

If you apply for a mortgage loan can you put your husbands income on the application also even if he is not applying for the loan with you?

You can use income that is at your disposal. If you will have access to your husband's income as a household income for this mortgage then yes you can. If you are separated and he will not be living in the house then the answer would be no.


Can I deduct my timeshare rental on my income taxes?

Timeshare rentals are not deductible on your income tax as a vacation home.If you were doing business there you might get by with it but I would not chance it.


Does the mortgage company verify your income?

Yes the mortgage company verifies income.


Why do mortgage companies request bank statement?

Mortgage Company Application RulesIt's one of the only sure ways they can determine an indiviudal's cash flow. In other words, how is he/she spending income and how much income is the individual actually receiving? Typically, this is mandatory in cases where the person who is applying for a mortgage can not show a W-2 from previous years or is self employed.


Mortgage Required Income?

Mortgage Required Income What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.


Can I get a mortgage in my name using my live-in boyfriend's income?

No. In order to obtain a mortgage in your name, you have to prove that you, as the mortgage holder, will be able to pay the mortgage yourself. The banks do not consider a live-in boyfriend's income a reliable source of income for yourself, nor can they hold him responsible for payment if the mortgage is in your name. You will have to get the mortgage based on your income, unless you and he put the mortgage in both names, using both of your incomes.


What is a state income mortgage loan?

A stated income mortgage loan is a loan where a borriwer is not required to verify there income. These loans were very popular and common before the recent mortgage crisis.


When you get a loan modification do they verify income?

Yes. Any time the bank modifies a mortgage it will require income verification.Yes. Any time the bank modifies a mortgage it will require income verification.Yes. Any time the bank modifies a mortgage it will require income verification.Yes. Any time the bank modifies a mortgage it will require income verification.


What is the meaning of a self certificate mortgage?

Simply put, a self certificate mortgage is a mortgage granted on an employee's statement of income as opposed to their employer's or accountant's statement of income.


How do you calculate dividend income?

dividend is a Comprehensive income includes net income, and other comprehensive income. Dividends received are included in net income and are included. However, dividends paid are not included in net income or other comprehensive income (and are therefore not in comprehensive income.


How do you calculate dividends?

dividend is a Comprehensive income includes net income, and other comprehensive income. Dividends received are included in net income and are included. However, dividends paid are not included in net income or other comprehensive income (and are therefore not in comprehensive income.


Who is elegible for a stated income mortgage?

Eligibility for a 'stated income mortgage' now requires documented proof of income, which, for the self employed, must include at least two tax returns.