I decided to apply for a VA loan even though I have a lot of debt from divorce and a fairly new car loan. I started the process 4 months ago but decided to wait because of my debts.
That being said I have a few questions,
I was approved through the the automatic underwriting (LP) and I was ask for the standard documents. Now I'm wondering if I should do full underwriting before I make a offer on this house because my DTI is around 55% and but my residual exceed the guidelines. The reason I say "may" is because I'm including child support in my income but the VA requirements say that I need to receive for 3 months in a row. The support was missed last month but caught up this month. My originator said not to worry about it but I'm wondering it I should worry. If the underwriting doesn't include it, that would not meet residual. Only documents sent to underwriting was one month bank statement and tax returns.
I want to make a offer on the condo because it's in my kids school district and it's the only one avaiable since my lease is up next month so going into full underwriting may be a longer process.
Everything else is good. My scores are 704, 700 and 698.
I have 10 credit cards lines no lates or $0 balance.
A conventional mortgage that is about to close, a current car payment, a 24 months rental history. I'm also a disabled veteran.
