IF you have questions on what the lenders are looking at in terms of your monthly expenses below is a quick list of what you should know.

Lenders will pull your credit report, verify income from tax returns, transcripts, and other documentation provided by you. Servicer must verify the borrower’s monthly gross expenses as reported by the credit agencies.

a. Monthly primary mortgage, taxes, insurance, condo dues, mortgage insurance premiums etc.

b. Monthly payments on all closed-end subordinate mortgage (second mortgages)

c. Alimony payments, child support and separation payments (in lieu of a final divorce) with no more than 10 months left, if supplied by the borrower. (more…)