Important question and Need to vent about underwriting

[Anonymous]

So, I found a place, did the usual steps and now I'm in underwriting.   I am currently paying child support for my son, who will be 18 and graduated high school in May of 16.  I was told this wouldn't count toward my DTI...without that, my DTI is 41%.    Ok, fine.   So in my state, the letter from Child Support does indeed state my obligation is done once he turns 18 (in March) or graduates (end of May), whichever is later.   Underwriter doesn't like the "until he graduates" part because he could fail and spend another year in high school.   Technically, I get it...sure.  But there is ZERO chance he doesn't graduate.  Absolute zero.  He's never failed a grade and his GPA for the first two quarters is above average.  At any rate, counting child support for him puts me at 48% DTI. and the UW won't budge about including it.   I think I'm sunk.    My loan officer mentioned something about compensating factors or something like that.  My credit score is decent, not super (680, 700) and in addition to my income, I get a guaranteed OT of at least +10k every other (even) year due to the nature of my job.   Suppose to close on the 6th, but I'm rapidly becoming despondent.

[CH-7-Mission-Accomplished]

I feel for you.  Under the existing agreement, you could be paying child support until your kid is 40 if he never graduates!

The underwriter is being a dick, but that's what they are paid to do.

Is there any chance you can modify that portion of the agreement with your ex to change the expiration date of child support from "until he graduates" to read "until June 2016"?

That would take care of the problem .... with just a simple one sentence change signed by the parties and approved by a judge.  If you are on good terms with your ex, you guys could probably submit it pro se to get it signed off.

[Anonymous]

ha, actually, there's an age limit to the high school provision..19.   So even if he fails, and goes another year, if he's still in high school when he's 19, support terminates.  Not worried about that one!

[bstone]

CH-7 wasn't suggesting you change the support agreement because you might be on the hook till he was 40, he said it as that bone sentence may appease the underwriter.

[Anonymous]

Got that.  It's a letter generated by Office of Child Support, not me unfortunately  I even offered up my son's grades, lol

[krielly]

Any chance in reducing your DTI in other areas?

[2b2rich]

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@Anonymous wrote:

ha, actually, there's an age limit to the high school provision..19.   So even if he fails, and goes another year, if he's still in high school when he's 19, support terminates.  Not worried about that one!

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Which would be March 2017?  Does your lender know that or is that still too far away for them to not include it?

[ezdriver]

Tell that lender to go pound sand and find another.