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When adding up monthly expenses, do you include the amount withheld from paycheck for 401K, SS, etc?

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September 26 2010 - Wichita
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401k loans are not considered a monthly expense.

However, all in all, it might depend on the loan type as for VA loans payroll deductions including ss, fed and state taxes are computed for calculating residual income.
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September 26 2010
To compute your debt-to-income you count the minimum monthly payments on all of your monthly obligations.

Add to that your proposed monthly mortgage payment, taxes, insurance and if applicable Home Owners Association dues. Plus, city, county or state tax divided by 12, that may be applicable.

Happy funding, Rudi
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September 26 2010
When we figure monthly expenses to do a mortgage we take all items listed on your credit report - the credit report will show what you are obligated to pay to your creditors on a monthly basis.
For a refi we make sure that your monthly mortgage pmt as shown on your report includes PITI. 
For a purchase we take the credit report items and then add the projected new PITI to figure out your debt ratio.
Your gross wages is what we use for income and none of the other items come into play for debt or monthly obligations. EXCEPT: if your paycheck shows that you pay directly out of paycheck for child support or like a loan against your 401K or a garnishment we would take that figure and add it to the monthly expense.
Deductions such as ss or your contribution to your 401K or state tax withholds ARE NOT counted as an expense. 
Hope this helps you. 
Sincerely,
Celia
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September 26 2010
The bank won't...but you make the payment, not the bank.
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September 26 2010
 
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