We are first time home buyers trying to purchase a home. We live in Wisconsin. My husband has good credit, my credit is horrible so our loan officer said he could do the loan by himself. He received pre approval, we found a home & got our offer accepted. We are going through Inlanta Mortgage for a USDA loan. Annual income is $39,465, PITI ratio: 21.3%, Total Debt ratio: 25.8%, (so should the DTI be 5/25.8?), our total monthly payments is $148 (student loans) , credit score is 655 (this is all taken right off the paperwork from the loan officer). Not sure why it only shows one credit score but I know all three are over 620. So what are the chances of it getting approved? I'm a nervous wreck and worried my bad credit will stop it from going thru.
The usda.gov website says: Qualifying ratios are 29/41. As for it being for low income, our income is within the guidelines for a household of 5.
