Tag: Utilities

Utilities Being Counted from Credit Report

Question: My client’s credit report is reporting utilities, and our investor is requiring that we count those in the DTI.  I didn’t think that utilities counted, did I miss a guideline update? NEW MTP™ Credit Reports – Debt Obligations That Are NOT Counted as Debt – FHA Loans Answer: FHA does not require utilities to […]

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Do Utilities Reported on a Credit Report Need to Be Counted?

Question: Do I need to count utilities reported on a credit report when calculating the DTI [Debt to Income Ratio]? Answer: On an FHA loan, utilities are not included in the DTI ratio. [Article Published in Question & Answer Issue – September 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved

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Fannie Mae – Utility Accessibility – Appraisals: Will Fannie Mae lend on a property where the utilities were not turned on at the time of the appraisal inspection?

Answer: Yes. Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection. See Question #23 in the attached reference. Supporting Resource: Fannie Mae – FAQs – Appraisal Property Report Social Media Post: Fannie Mae does not require that the utilities serving the property be […]

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