I need some help finding the right lender for my wife and I. We just dealt with Quicken Loans who said no because my DTI ratio is 70%. The reason is I am self employed and 2012 was a loss, while 2011, 2013, and 2014 are profitable years, and they will only look at 2012 and 2013.
I would apprecaite some help here. I need to find the right mortgage lender instead of applying and guessing radomly. Here are my details.
Married, I am self employed, she is employed elsewhere.
Current home has a private mortgage since purchase 30 months ago. Zero issues.
Equity 60k
We want to move 1300 miles away, so my self employment & income will not change, she will be without a job. Thus having her on the mortgage may or may not help.
We both have car loans and small credit cards ( $500 limit, always a minimum balance) with no payment issues.
Both credit scores 640-660 range. Plus our private mortgage is NOT being reported to the agencies.
I was going to apply just myself since she will tecnhincally not have a job when we move. Yes, she will look ahead and apply, but no guarantees for her. My problem is two fold. 1. The 2012 loss. 2. I have a 5k discharged credit card debt from Capital one from 2009 still on my report. However, it says this.
Credit Report Remarks on Cap One.
Charged off as bad debt
Dispute resolved; reported by grantor
A credit counseler from Quicken Loans told me that "Dispute Resolved" may mean it may not count toward me as a negative Plus being 5 years old. This is too good to be true?
Regardless, who is going to be interested in financing us? Basically we are looking for a 200k home and will put 50k cash down. We are opening to buying before seling, which may have a 2 month overlap, but even then that would stretch the "credit", but not our finances.
Thoughts?
Thank you!
