Under Ohio and federal lending regulations, all of the following are included in the back-end (total) DTI ratio calculation EXCEPT:
Correct Answer
C) Monthly utility bills (electricity, water, gas)
Monthly utility bills are NOT included in the DTI ratio calculation. Utilities are not considered fixed debts and are not reported to credit bureaus. The DTI ratio includes housing costs (PITI) and fixed monthly debt obligations that appear on the credit report.
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Related Concepts
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In Ohio, after the deed is recorded, the county recorder assigns the document a recording reference number. This number is important because it:
In Ohio, the conveyance fee is paid at the time of:
- → In Ohio, property tax prorations at closing are typically calculated based on:
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- → In Ohio, certain counties utilize the Auditor's Transfer Acknowledgment process. When submitting a deed for recording, the conveyance fee statement (DTE form) must accurately state the consideration. If the stated consideration is found to be fraudulently understated to reduce the conveyance fee, the seller may face:
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Previous Question
An Ohio borrower wants to calculate their debt-to-income (DTI) ratio for mortgage qualification. The borrower has a gross monthly income of $8,000, a proposed PITI of $2,400, a car payment of $400, and student loans of $200. What is the borrower's back-end (total) DTI ratio?
Next Question
An Ohio buyer obtains a conventional mortgage and the lender requires an escrow account for property taxes and insurance. Each month, the lender collects 1/12 of the annual property tax and insurance along with the P&I payment. The purpose of the escrow account is to: