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Thank you for the reply, Luscher - thankfully the CU already approved my loan and the truck is in the driveway. As far as two incomes, it seems like the amount of income would be more important than how many people are working for it?! I suppose with two incomes, though, the concerns about one person having job issues is mitigated. At any rate, we're all set. The rate ended up being 1.75% for 60 months. Not the best, but not too bad either!
Nice truck
I think lenders are more willing to overlook DTI if you have a good history and decent score. I am on a mortgage from my past marriage and that mortgage would put me at 55% DTI in itself, nevermind what other debt I had myself. Yet I never have been questioned for DTI nor have I ever had to show proof of income.
@Corvidae wrote:I think lenders are more willing to overlook DTI if you have a good history and decent score. I am on a mortgage from my past marriage and that mortgage would put me at 55% DTI in itself, nevermind what other debt I had myself. Yet I never have been questioned for DTI nor have I ever had to show proof of income.
Perhaps it might be a credit union thing where they are more picky? My FICO 08 scores were all mid-800's according to this site at the time of application, although the TU Classic 04 pulled by the CU was only 809. Last credit applied for was a mortgage refi about two years ago (and one in July 2010 prior to that), auto loans in August 2010 and July 2012 (both PIF), and it had been ~3-4 years since the last new credit card was opened- so my history is pretty clean as far as I can tell. Not sure why they made a big deal of it, honestly. My 2010 mortgage refi was less trouble (approved without anything but the application having been filled out by me along - no confirmation of income, no check for the origination, no co-sign of the application by my SO, nothing!).