04-18-2013 06:29 AM
Good Morning All!
I need your help my LO isnt keeping us in the loop. Here is the story-- My Fiancee and I started a contract with Lennar Homes recently.
I live in the state of SC and He lives in the state of FL and the house is in FL. With my plan in moving down in the fall. Anyways, the LO stated that we could go as borrower and co borrower on the Loan App. We submitted everything-- both of our FICo scores are in the MId to High 700's-- His is 773 mine is 738. I just heard back from her yesterday and she said that the UW is giving us a hard time since I am not claiming the new home as my primary residence ( non occupant) since I live out of state.
She said what she will do is take me off the Loan application and place me on the title of the home loan along with him as home owners. But just run him on the loan application. I asked thats fine. does he even qualify financially? She stated yes with his promotion and bonus ( he just was promoted to assistant principal) that he does.
She stated that I would need to sign a Gift Affadivit as I am gifting him the downpayment. I signed and so did he.
Stats-- Home is $235K-- 3.5% with closing costs is - $10K ( I have the savings and money to put down on the home)
He has small savings, around 2K and a 403B ( 50K). Only debts he has is 1 student loan-- $150/monthly. 1 CC -$150/monthly or less and 1 car loan which has 9 payments left to pay it off. He makes $51K a year-- $4250 ( gross).
DTI I believe the car loan isnt included since he has less than 9 months left to pay it-- so only the $300 for the cc and student loan-- House payment is $1800.
My question is will he get approved?
How can i be on the title but not on the loan?
need insight-- anyone work with UAMC before?
04-18-2013 07:06 AM
It really depends on the lender's DTI threshold. As it is, with an $1800/m house payment and $300/m in other payments, he's at $2100/m which puts him around 49%. You should verify with the lender that this is allowable.
04-18-2013 07:42 AM
Yes he will get approved. I have alot more debt than what he have on his credit profile and my gross salary is 44K plus like 10-15k bonus every year and I got approved with UAMC for a 245K house in FL. I am in a somewhat similar situation as you, in that I have the good scores while my husband own is low and would take too much to improve it. My husband makes double my salary but he is not on the loan, just on the title and we signed gift letters for everything. I think he will be ok, the one thing I say about Lennar and UAMC is that everything is theirs, so they will make it work out someway or the other.
Good luck and keep us informed.
04-18-2013 10:51 AM
04-18-2013 11:29 AM
If i tell you honestly I don't know what it was But I can tell you I have 8 credit cards, 1 personal loan (that they required me to pay off, even though i had months left on it), student loans and a charge off. My scores are in my siggy. I don't think they are automated, when I spoke to my LO she said the UW is in Arizona so I think it is manual underwriting.
I had some weird conditions but approval none the less and i was happy, for example they wanted to see copies of my bonus check from 2010 just to show a pattern and i thought that to be weird but heck i submitted. I am just waiting to hear clear to close. You guys will be alright. What part of FL are you buying?
04-18-2013 11:36 AM
send me a PM...oh i love that area, have a friend who has the most beautiful house up there
04-22-2013 05:23 AM
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