Wells Fargo FHA loan DTI 51%

[dubcee33]

What are my chances of coming away approved in underwriting?

I'm applying with Wells Fargo for FHA loan. Ratios are 24/51. Scores 709 710 732, 3.5 down, thick file with no lates or collections, no baddies... Minimal reserves.

By the way, my scores matched the newly available myfico mortgage scores on this site.

My loan officer ran the file thru automated underwriting on the front end and got an "approve ". File was sent to human underwriting today with all documentation and explanation letters. I'm just nervous as I'll have play the waiting game for at least a week. What are my chances with 51% dti?

Side note:
I cosigned my wife's car and that's what pushing my ratio to 51%. She makes the payments, but they cannot exclude it from my ratio until she makes12 payments. We are currently at 9. Bummer! If this loan falls thru I will have build new and close after she reaches 12 payments since The builder won't hold this house past my April 2 closing date

[Anonymous]

So y'all put a contract on a spec house under construction?

[Anonymous]

I was under the impression that if you get an approve from DU then as long as you have the exact information validated you are good to go. 

[dubcee33]

Bamako, we put a contract on a house that was under construction... It had been standing for a few weeks everything was in it except flooring. The price was reduced by about 20k. That's why I have to close on it by their date.

If I have to build new, it'll be a smaller less expensive house because this same house will be much more without the price reduction.

JBARTVEGAS, I'm hoping that is the case. My LO told me I had a good chance, but didn't sound that confident.

[Peter1142]

51% is very high. I think that is just about the upper limit for FHA. It's all about whether automated approval is given, which should happen as soon as you start real underwriting. Though I can't speak for Wells they are notorious for rejecting loans in underwriting.

[Anonymous]

He said he got the approve from du... I do agree WF has a poor reputation.

[dubcee33]

Thanks guys. I do know about WF's reputation. Haha I do have a hail Mary in my back pocket. I can put my student loans in deferment for 12 months to lower my dti to about 48%, but my LO told me wait until closer to closing and only if UW makes it a condition.

[Peter1142]

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@dubcee33 wrote:
Thanks guys. I do know about WF's reputation. Haha I do have a hail Mary in my back pocket. I can put my student loans in deferment for 12 months to lower my dti to about 48%, but my LO told me wait until closer to closing and only if UW makes it a condition.

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I can't imagine that passing any kind of underwriting muster.

If you got the approve from automated, you should be good to go barring any WF issues.

[Anonymous]

Do you have to go with WF????

[ezdriver]

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@Peter1142 wrote:

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@dubcee33 wrote:
Thanks guys. I do know about WF's reputation. Haha I do have a hail Mary in my back pocket. I can put my student loans in deferment for 12 months to lower my dti to about 48%, but my LO told me wait until closer to closing and only if UW makes it a condition.

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I can't imagine that passing any kind of underwriting muster.

If you got the approve from automated, you should be good to go barring any WF issues.

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I agree with Peter. Generally speaking, having a DU approval is a goot thing .... but it does not guarantee final underwriting approval. I think that you'll be fine.