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FHA, with high DTI passed Automatic Underwriting, should I worry, or am I ok?

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KSK1912
Valued Contributor

Re: FHA, with high DTI passed Automatic Underwriting, should I worry, or am I ok?


@flippy1234 wrote:
Update: approved with conditions, he said he will follow up Monday with what those are. Based on what I've heard and read on here, and his attitude I'm not worried. Almost there.

Hopefully, everything works out. Keep us posted. GL!


6/14/15: Equifax 576 Experian 542 Transunion 571
8/17/15: Equifax 626 Experian 619 Transunion 622
9/28/15: Equifax 655 Experian 636 Transunion 641
11/11/15: Equifax 698 Experian 687 Transunion 672
Short Term Goal Score: 720 Across the board


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Message 11 of 14
flippy1234
Established Member

Re: FHA, with high DTI passed Automatic Underwriting, should I worry, or am I ok?

I got the full list of conditions yesterday, there were 12 of them, and got everything but one sent over to the loan officer this morning. Nothing too crazy, only took about an hour to get it all together and sent over. 

 

Most recent paystubs, bank statements showing all my earnest money checks clearing (I had 4 different checks between Feb and now, so basically all my bank statements), three LOE(letters of explanation), one for why my drivers license has my old adress on it, one for an address that showed up on my credit report that was my step-daughters saying I never lived there, and one explaining deposits from my husbands business bank account into my personal checking. 

 

The only thing left to do is track down my HUD1 statement from the house I sold a year and a half ago, but the loan officer is on that for me and to get homeowners insurance.

 

Looks like we are on track to actually close and move in the end of the month! The house (new construction) is 99% done at this point, other than a couple touch up things and adding grass its move in ready. 

 

So thankful for these forums, they have been super helpful during this process! I don't remember getting a mortgage being this much of a process back in 2008, but maybe I blocked it all out. Smiley Very Happy

Message 12 of 14
KSK1912
Valued Contributor

Re: FHA, with high DTI passed Automatic Underwriting, should I worry, or am I ok?

Great news. Please keep us updated and let us know when you close on your house. Will be following you here.


6/14/15: Equifax 576 Experian 542 Transunion 571
8/17/15: Equifax 626 Experian 619 Transunion 622
9/28/15: Equifax 655 Experian 636 Transunion 641
11/11/15: Equifax 698 Experian 687 Transunion 672
Short Term Goal Score: 720 Across the board


Take the myFICO Fitness Challenge


Are you free Tuesday..?
Message 13 of 14
flippy1234
Established Member

Re: FHA, with high DTI passed Automatic Underwriting, should I worry, or am I ok?

I updated on another post last week, but just wanted to leave an update here in case anyone is searching for the same issue in the future. Smiley Very Happy We closed on our house on time and without any issues! Thanks for the support everyone. I never thought it would have workd out once we had to pull my husband (and his income) off of the loan because of the high DTI. 

Message 14 of 14
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