How much weight do they carry? My credit score is 688, Chapter 7 two years ago. LO said my issue is DTI, it is too high at 45%, (manual UW due to chapter 7). DTI is strecthed because hubby's income is is not counted, but his debts of course are. Could the fact that he will be paying half the mortgage be used as a compensating factor? We have always split rent, and could easily show proof of that, as he writes me a check for his half every month. Could this along with two months reserves be approved? In addition, our mortgage will be the same as our monthly rent give or take $50, depending on interest rates at the time of closing.
Any info. is appreciated.
Thanks for the info. I am sooo nervous....I have told LO everything and faxed him pretty much everything except the babies I am so bummed. It is frustrating becasue we would have had way more reserves/downpayment if it wasn't for us sending the IRS close to $8,000 in the past two years because our incomes are in the higher brackets and hardly having any write offs. Owning a home is clearly the best way to go for us tax wise, and we are in no way over extending ourselves, we are just wanting a small, modest home at this time.
I guess we just have to wait and see...