So I recently found a property, was pre-approved through Chase, as I am an employee there. I found a property and they accepted my offer. I applied for a conventional loan, have 20% down, and the guy doing my stuff for my financing said I have an 80/20 chance of making it through underwriting because my back-end debt to income is at 43.5%. My question for you mortgage guru's out there is.....what are my chances of getting approved? They pulled a credit score of 762. Thanks!!!
The 43% rule is for files that do not get an automated approval - you should be fine unless they have established an overlay that requires all loans to be at or les than 43%?
I think you will be fine if not there are other banks that will do the loan for you
If the 43.5% backend ratio is the only "issue" then it should be a slam dunk.