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New Member
Sdonoghue
Posts: 6
Registered: ‎06-27-2012

Re: July & August Closers

[ Edited ]
-Purchase Price:  $154900 Property: -Ranch Submitted offer on:6/20/2012 -Signed Purchased contract on : 6/21/2012 -Type of Loan: FHA -Loan Rate: 3.75% - Loan Application submitted:  6/25/2012 -Loan approved: ? -Committment letter received on:? - Closing date: -Scheduled for 7/30/2012 -Closed ? Pendng I'm so nervous I hope the underwriter is in a good mood. 633 Experian. 24k in savings. 4k in checking steady job for 2.5 years make 52k a year have 2 car payments and 4 cc with 0 balances. What are my odds with Wells Fargo?
Frequent Contributor
Hammer23
Posts: 428
Registered: ‎01-21-2012

Re: July & August Closers


dehabel wrote:

What state are you in?  We are trying to go USDA and a timeframe would be helpful. 
Thanks!


I am in OH. Currently USDA is working on loans recieved 6.4.2012

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Valued Contributor
GoodCredBen
Posts: 1,522
Registered: ‎10-25-2011

Re: July & August Closers

[ Edited ]

@Sdonoghue

 

Im sure you will be just fine with wells fargo, the only thing i would worry about is your debt to income ratio. 

 

This is not meant to be anything but an example.

 

I make 75k a year, and i have the following:

 

425/mo Car Loan(owe 8k)

260/mo Car Loan(owe 9k)

50/mo Student Loan (1.2k)

50/mo Student Loan (2.6k)

50/mo Student Loan (2k)

15/mo CC (Currently 0 balance 1250 CL)

15/mo CC (Currently 6$ balance 500 CL)

 

 

With just this they some how calculated my DTI ratio WAY higher then i expected.... 41%..... 

 

I owe no debt collectors money or anything..... so im not entirely sure what is making my DTI ratio so high... 

Starting Score: 512 10/2011 Current Score: EQ: 689 | TU: 667 | EX: 661
In My Wallet: SFCU Visa: $10,000 | UECU Visa: $5000 | WellsFargo: $3900 | Cap1 QS: $3500 | Cap1 QS: $3000 | Cap1 AU: $1750
Gardening Since: 6/1/2014
May the debt elimination begin! 9680/27150
New Member
Sdonoghue
Posts: 6
Registered: ‎06-27-2012

Re: July & August Closers

Yeah mine dti like 37-39% hope I can get it fingers crossed
Established Contributor
jcstarkey8826
Posts: 704
Registered: ‎06-01-2012

Re: July & August Closers


FairCredBen wrote:

@Sdonoghue

 

Im sure you will be just fine with wells fargo, the only thing i would worry about is your debt to income ratio. 

 

This is not meant to be anything but an example.

 

I make 75k a year, and i have the following:

 

425/mo Car Loan(owe 8k)

260/mo Car Loan(owe 9k)

50/mo Student Loan (1.2k)

50/mo Student Loan (2.6k)

50/mo Student Loan (2k)

15/mo CC (Currently 0 balance 1250 CL)

15/mo CC (Currently 6$ balance 500 CL)

 

 

With just this they some how calculated my DTI ratio WAY higher then i expected.... 41%..... 

 

I owe no debt collectors money or anything..... so im not entirely sure what is making my DTI ratio so high... 


with those numbers your DTI is about 13%... there must be something you/they are missing. I would correct that as soon as possible

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
Valued Member
Poet34
Posts: 34
Registered: ‎10-18-2009

Re: July & August Closers

FairCredBen, I agree with jcstarkey.

 

I think they transposed your numbers.  I calculated your DTI to be 14%.

My Wallet: Capital One $673, Barclay's Apple $2k, Amex TrueEarnings Costco $6k, Chase Freedom $5k, Discover More $15k
Valued Contributor
GoodCredBen
Posts: 1,522
Registered: ‎10-25-2011

Re: July & August Closers

Thats right around what i go (13%) but its done and through underwriting soooooooooo......

 

BUT we ran into a HUGE problem yesterday!!!!

 

All of my realtors docs say that my wife and i are married, but my LO for some random reason, submitted ALL of our loan documentation as being single......

 

She says that it shouldnt change our closing date at all (22 days)... we had a private ceremony for religious reasons.... but still having a wedding in october....

 

.................

 

SOOOOOOOOOO frustrated!

Starting Score: 512 10/2011 Current Score: EQ: 689 | TU: 667 | EX: 661
In My Wallet: SFCU Visa: $10,000 | UECU Visa: $5000 | WellsFargo: $3900 | Cap1 QS: $3500 | Cap1 QS: $3000 | Cap1 AU: $1750
Gardening Since: 6/1/2014
May the debt elimination begin! 9680/27150
Regular Contributor
jules0580
Posts: 155
Registered: ‎05-13-2012

Re: July & August Closers

Did you ask for a copy of your credit report? Thats definitely not 41% without the mortgage are you sure they didnt put a proposed mortgage in? Because at 75k a year 41% would be 2562 a month.

Valued Contributor
GoodCredBen
Posts: 1,522
Registered: ‎10-25-2011

Re: July & August Closers

well, that sounds about right with what we were preapproved for.... maybe that is is...

 

ALSO

 

We are in the clear... my LO found the error in her ways and fixed it! :smileyvery-happy:

Starting Score: 512 10/2011 Current Score: EQ: 689 | TU: 667 | EX: 661
In My Wallet: SFCU Visa: $10,000 | UECU Visa: $5000 | WellsFargo: $3900 | Cap1 QS: $3500 | Cap1 QS: $3000 | Cap1 AU: $1750
Gardening Since: 6/1/2014
May the debt elimination begin! 9680/27150
Established Member
rangergirl
Posts: 17
Registered: ‎09-30-2011

Re: July & August Closers

I've been waiting on the conditions, but received clear to close for Monday 7/9!  :smileyhappy:   I'm excited, but more so happy to be out from under the stress.


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