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Pre-approval questions/situation

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Anonymous
Not applicable
‎10-12-2011 07:48 AM
‎10-12-2011 07:48 AM

Re: Pre-approval questions/situation

 

The pre-approval was granted last night, but it was based on Max payment rather than a total amount. The total monthly payment including everything can not exceed $1100 per month. The DTI is around 48%. Since I have 750+ credit, good job history, and about 5 months of Emergency Savings money it "should" be fine.

Message 11 of 13
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Anonymous
Not applicable
‎10-12-2011 07:49 AM
‎10-12-2011 07:49 AM

Re: Pre-approval questions/situation

PS Thanks for your help, I'll update this thread with  the outcome.

Message 12 of 13
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Anonymous
Not applicable
‎10-20-2011 01:39 PM
‎10-20-2011 01:39 PM

Re: Pre-approval questions/situation

Got pre-approved for $148k at 4.00% interest.

 

Just submiited an offer on a bank approved short sale, both mortgages are owned by Chase. I'm one of 3 offers.

 

Will know by tomorrow if I'm the lucky winner and then I can't move onto the next hurdle.

 

Keeping my fingers crossed. I will continue to update this thread as some people may have a high DTI like me trying to apply for USDA.

Message 13 of 13
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