Financing in Roswell>Question Details

Journalyst, Home Buyer in Roswell, NM

My coborrower cosigned student loans for me a few years ago. Will the payments count twice on DTI since he's my cosigner on those or just once?

Asked by Journalyst, Roswell, NM Tue Jul 10, 2012

My coborrower cosigned with me for a few private student loans when we were both in college. Now we are preparing to buy a home together but I was curious how this will affect the DTI with the lender and underwriter. Since those loans are under my name as the primary borrower and he as cosigner will the lender and underwriter count those payments twice (for example as a payment for him AND a payment for me) on the DTI? We should still be within the DTI ratio requirements with them counted twice, but I want to be prepared to have a better of idea what amount we might qualify for so we aren't disappointed.

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The debt could have only a single impact on your DTI, but the underwriter will ultimately be the determining source.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Tue Jul 10, 2012
It should not count twice, as that would be inaccurate, but if it accidentally gets categorized that way because it is not noticed that it is the same loan, make that point clear to your loan officer, as Fred says below. The underwiter is eventually an actual person, so as challenging and unreasonable as it seems to get a mortgage these days, items like this can still be resolved accurately. Good luck with your house hunt!
0 votes Thank Flag Link Tue Jul 10, 2012
Not at all.

It's not as if the payments are being made twice.

It will show on the credit report that the loan is co-signed.

Just point it out to your loan officer.
0 votes Thank Flag Link Tue Jul 10, 2012
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