We are hoping to get approved for a USDA mortgage for an inventory home that is due to be completed at the end of July. Right now, our mid score is 616 (lender requires a 620) but we have 6 collection accounts that are being reported as unpaid that should be deleted ASAP (we have the deletion letters and lender plans to do a rapid rescore). We are feeling pretty confident that by deleting these, we will get the 4 points.
My question is regarding income. 1/3 of my husband's income is OT, however, there has been a decline in OT over the past couple of years. With only his base income, our DTI ratio is just a tad high. Using his OT income, we are more than OK. He has had overtime (a significant amount) for the past 5 years. I read conflicting things about OT income and am unable to get any straight answers about what we can use. Does anyone know? If we can't use his OT income, we can't get the house. Technically, we can most definitely afford the payments, but without including that OT, it looks like we can't.
I would love to hear any BTDT stories!!
Thanks!!
