Does anyone think I will be denied in underwriting ?
Pre approval based on w2s , credit report and paycheck stubs
Monthly Gross 3012.00
Length on job-14 years as of September
Loan type FHA
House amount 130,000.00
Funds in bank account to cover closing and down payment
Mid credit score 696
401k around 10k
No late fees on credit. One item in collection for old credit card from 2010 in the amount of 400.00
The DTI is where it gets kind of tricky. Based on the debts that are physically showing on my credit report my dti with the house payment including pmi and taxes and home insurance is 10/40.
However since my student loan is IBR lender has to put 1 percent of my student loan into the calculation which is six times the amount I'm actually paying. This makes it appear as if my dti is 27/57
My fiance is also going to be living in home, we are not on a community property state but he is not on loan because his credit is insufficient. If we were able to include his income our dti would be around 8/38, but unfortunately we cannot since he isn't on mortgage application .
I am worried about my dti once an underwriter looks at it. We are using a mortgage broker and not big bank.
