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I'm in the Navy and we had a brief the other day which pretty much scared me shitless. You see, there apparently exists a rule in which if you have a >30% DTI you can't be deployed overseas. This gave me cause to go home and check my poo poo. 63k @ 6.5% (Student Loans) - 453/month 23k @ 5% - 475/month 12k @ 3% (Car Loan) - 263/month 6k @ ?% (Stafford Loan) - 95/month ~400 on my Star Card (for uniforms) 2 other CC paid in full. And I bring in ~4000 per month after taxes/health insurance/other deductions leaving me at what I calculated to be a 32% DTI. Right now, as it stands, I round up to 300 on the car payment, and I put an extra 600 on the big loan (which I apparently started doing a while back, and then forgot about it because now I don't have to make a payment on that loan until mid-2011). I've got to wait for the star card to pay itself off because it has a time limit between payments you can make  but it will be paid off in two months. Going off of what I have read, should I stop paying the extra amount on the big loan (gently caress me for going to an expensive school) and concentrate instead on knocking out the Stafford Loan ASAP? Ridding myself of that would get me just below 30%.
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May 30, 2010 18:01
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| # ¿ May 6, 2024 02:07 |
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Zeta Taskforce posted:First you should research and clarify this regulation. First, is the DTI calculated on your gross or net. You seem to be calculating it on your net. Typically lenders will use your gross. Its not that they are trying to beef up your income when the approve you for stuff, (not anymore anyway) but because gross is just so much more consistent. With net, people have different amounts taken form their taxes, some want a big refund, some don't mind paying, some contribute to 401K's some do not. Well holy poo poo, I never even considered gross vs. net. I'll ask around tomorrow and see if that guy can clarify those for me. If it is gross, then I guess I can just keep on plugging along with what I'm doing (Or switch over to paying off the Stafford since I could have it gone within 6 months without too much sacrifice) since I'd be well below the limit (~25% with my current pay scale)
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May 31, 2010 21:02
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