Before closing, the team discovers that a HELOC will provide funds for the down payment on the same dwelling. What is the safest compliant answer?
Correct Answer
B) Include the HELOC payment in the ATR analysis
Lines 207-214; 12 CFR 1026.43(c)(2)(iv) and 1026.43(c)(6). A known simultaneous HELOC affects monthly obligations and must be considered for repayment ability. Therefore, the correct response is "Include the HELOC payment in the ATR analysis".
Why This Is the Correct Answer
Lines 207-214; 12 CFR 1026.43(c)(2)(iv) and 1026.43(c)(6). A known simultaneous HELOC affects monthly obligations and must be considered for repayment ability. Therefore, the correct response is "Include the HELOC payment in the ATR analysis".
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