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Hi everyone....First let me say this site has lots of great feedback.....
Anyhow Im trying to buy my first home and get qualified for a guaranteed usda loan.....I know i meet all criteria guidelines, although my DTI ratios are tad bit high....My bottom ratio is 43%.....USDA says there max is 41%..I have 622 mid score and no serious deliquencies to mention......
I guess my question is does anyone think they would make an exception for me......I have a personal loan that will be paid off in three months and should put me under 40% DTI.....
I have already signed a sales contract and my mortgage broker is preparing my info to attempt to pass thru GUS and hopefully get an automated approval....Gosh i hope the accept my loan!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
@Anonymous wrote:
thanks for the reply...............does anyone else have any knowledge of this or has dealt with a situation like this before????
Hi onelochef,
Good luck. I know how you are feeling as I am trying for a usda guaranteed loan too. My problem is my income is low. I filed the papers Wed. I called Friday and the man from Countrywide said I was approved for a "condictional" loan for 150k. I'm not sure what that means. I was wanting to have a house built and he is waiting to hear from the contractor. My big concern is a affordable monthly payment.
I'll keep my fingers crossed for you.
you income can't be that low to get approved for 150K . My income is around 38000 a year and I was only approved for 110,000 at 5.5 percent with USDA guaranteed.
@granny031350 wrote:you income can't be that low to get approved for 150K . My income is around 38000 a year and I was only approved for 110,000 at 5.5 percent with USDA guaranteed.
I'm about 33k. When I first spoke to LO he predicted 115k to 125k.
Congrats.
Did you find a house? I'm in NM and houses are kinda high here.
thanks again for the input...................
teacherhere, you said you had 43% .....did you get approved for usda loan and if so was there any factors you had to show.........also if you dont mind what were your middle scores??
Also has anyone had any experience with the GUS underwriter system.........does anyone think GUS would accept the 43% DTI????