Get Child Care Statement Template

Many lenders require a written child care statement. This is a document that's reviewed by your underwriter once you have a contract on a home, and it outlines whether you incur daycare expenses on a monthly basis. ... An underwriter will view this is a valid reason for not having day care expenses.

Typically, only revolving and installment debts are included in a person's DTI. Monthly living expenses such as utilities, entertainment, health or car insurance, groceries, phone bills, child care and cable bills do not get lumped into DTI.

The Office of Human Resources Management VA Child Care Subsidy Program Service is administering the child care subsidy program.

Typically, lenders give you between 2-3 months to find a home with your current pre-approval still valid. If too much time passes, the lender may want to reevaluate your situation to make sure you still qualify for the loan.

Typically, lenders give you between 2-3 months to find a home with your current pre-approval still valid. If too much time passes, the lender may want to reevaluate your situation to make sure you still qualify for the loan.

As childcare now makes up such a large percentage of spending, mortgage providers take it into account when calculating affordability. If they think that applicants are spending so much on childcare that they'd struggle to meet their mortgage repayments, lenders may decline to accept a mortgage application.

To estimate monthly utility costs, VA lenders will multiply the home's square footage by 0.14 percent. For example, the monthly utility cost estimate for a 2,000-square-foot home would be $280 (2,000 x 0.14).