Boy, FHA worries and concerns definitely seem to be a common theme on this forum! And here I am... with one as well.
I live in an area that is super competitive. Most houses are in bidding wars and go for well over asking price. I got pre-approved and our lender does some sort of pre-underwriting and has never lost financing over the last 10 years. After a few months we FINALLY had an offer accepted but it went into a bidding war. The listing price was 249k, we got it at 265k. The inspection went mostly well, and the seller is fixing the few issues we requested. Appraisal is next.
My question, how common is it for a loan to be rejected once you are past this point? My DTI ratio is higher than it should be 45% because I co-signed my partner's student loans, so that is being factored in. I have 45K I am putting down, which includes closing costs and 25K of that is a gift (gift letter signed, etc.) My rent is currently $2,000 per month, so a mortgage won't be any more. My mid credit score is 698, I make 100k per year (but 20% goes into my stock plan and 401k), and I have about 45k in my 401k. I have been super careful not to make any major purchases on credit cards, and have been living very meagerly the last few months. I just can't shake that worry though. Any words of wisdom? Thanks in advance!
