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11.7 OBLIGATIONS NOT INCLUDED IN DEBT-TO-INCOME RATIOS
Obligations not considered or included in total debt-to-income ratio calculations include:
x Medical collections;
x Medical payments;
x Federal, state, and local taxes, unless a payment plan is in place;
x Federal Insurance Contribution Act (FICA) contributions;
x Other retirement contributions such as 401(k) accounts, including the repayment
of loans secured by 401(k) funds;
x Automatic deductions to savings accounts, mutual funds, stocks, bonds,
certificates of deposit, including the repayment of loans secured by such funds;
x Collateralized loans secured by depository accounts;
x Utilities;
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x Insurance, other than property insurance;
x Commuting costs;
x Union dues;
x Open accounts with zero balances;
x Child care; and
x Voluntary deductions.
All liabilities disclosed by the applicant should be listed in GUS. The lender may “omit” liabilities as permitted.