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As mentioned before by some, repayments made to your 401k are typically not included in on your DTI's. Some Lenders have what we would call "Overlays" and include them. (We do not include them)As for the Overtime and Bonus income, if you can prove you have a 2+ year history of receiving that, then yes... you can include that income source as well. EVEN IF your "VOE" states they will not answer that question due to Company Policy. Again, there are many lenders who will in fact not give you any "income" if the VOE is marked "cannot answer" won't answer, etc, etc... (We will if you can prove a history of it)
Actually, FHA guidelines do not count 401K loan repayments in your debt ratios. The logic is, you borrowed your own money and are repaying it to yourself. You can stop paying on that loan at any time and then the loan will be converted to a withdrawal and you will have the tax consequences. The FHA guideline states:4155.1 4.C.6.b- Obligations not considered debt and should not be subtracted from gross income include:contributions to 401K accounts (including repayment of debt secured by these funds).
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