What is Wells Fargo Doing With MY Mortgage Application?!?!?!

[Anonymous]

I am in the process stage of my loan application with Wells Fargo GRRRR! First off my LO sent my packet over to UW with only my work income and even though with my commission my dti is abt 40%, I have only been on my job for 15 mths. ( so commission doe not count) I called customer service and was informed that my loan was denied do to DTI to high. So in the meantime my LO stated that she wasn't aware that my loan was denied and simply thought that they were waiting on my court order for child support. She resubmitted loan with court orders and now I am waiting and my closing has been pushed back 3 times. I am frustrated I am a single parent and this is definitely for my children. Here is the real question my children's father as missed some payments this month do to illness and I am wondering will I be denied.

[IOBA]

I don't know if they will be looking at THIS month of child support as well.   Maybe have your x write the checks for the full amount and wait to cash them?

Is your DTI 40% before adding a mortgage or is it with the mortgage?

Any way to pay down some of the debt asap?  Reduce your DTI?

[Anonymous]

That is with the mortgage included. Let me clarify if I may he did not pay for 2 1/2 months previously in the past 12 months. Will this be a issue and will the UW see the fact that I receive monthly bonuses as a backup for the child support income, even though I have only been receiving for 15 mths.

[IOBA]

I don't have an answer for that.

If you are decent terms with your x, ask him to write you the missing checks (date them to when they SHOULD have been given to you), and promise to hold on to them.

Then when the UW asks for proof of child support, you can show them copies of the checks.  If they ask why you haven't deposited them yet, say you are holding on to them to have cash post closing.  Or you plan to open a separate bank account for emergency funds after you close.  You don't want to do it now, while in the middle of closing on a house.

The UW are human and would probably understand that.

Hopefully, your x is human too and would do that to help you out.

[Anonymous]

thanks so much for the info that is a great idea