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Dennis Garcell


Branch Manager (9 years experience)

Purchase Loan,
Mortgage Planning


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Question regarding FHA and 401K loans,


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) Good Luck