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Posts: 1
Registered: ‎03-29-2012
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Re: Self-employed, Low Credit Scores, High DTI but we did it! LOAN APPROVED!

[ Edited ]

Congratulations! This is such a great story and yes it does give me inspiration to keep the faith! I am currently on a rollercoaster ride myself. With my fiance's scores in the 500s, I must obtain this loan on my own since my scores are 670+. We are also having a new construction home built. I was pre-approved and then told to have it extended before the 90 days was up. At day 80, I called and the bank said they had to deny the loan. Since then, constuction has started and now I'm trying to find someone to approve me. I have the finances to support the house (even without including him), no debt, but my rental property is what's hurting me. Although it was claimed on my taxes the past two years, every lender says the loss claimed was too great and they can't use it. Without being able to use the rental income, my DTI goes from 34% to 59%!!! I'm eligible to use my VA loan but I'm willing to go FHA if I have to and put down 3.5%. If you (or anyone) can recommend a more lenient lender, someone that would except a higher DTI, or add his income without using his credit scores, I would greatly appreciate it. I'm also looking at another way around this rental property because its really the problem!!! I can't sell it because I'm upside down & a short sale wouldn't allow me to buy for 2 yrs (which isn't an option since they already started building). If anyone has information, you can resply [email address deleted]. I appreciate any help I can get. Congrats to all on credit improvements, mortgage loans, car loans, etc....



[Edited to remove a personal email address, the posting of which is not permitted on the FICO Forums.]

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