We filed bankruptcy and it's been discharged for two years now. We are in the process of building a home. We've been pre-approved with the builders lender. Using my husbands income of $75,000 with FHA 3.5 down on a $160,000 home. Our DTI ratio will be around 22% with our new estimated mortgage payment and the only other debt we have is one car payment in the amount of $299. We have one credit card with $100 balance. Our current middle credit score is 703 which is what the lender pulled, not us.
ANyway, We've worked really very hard to not get into debt and pay all our bills on time and just be smart about things moving forward. We only want a house payment that we can afford. Our lender doesn't see any issues since our scores are good, we have a stable job history (hubby has been there 4 years), and our DTI is low, very low. We've already went to the underwriter for the initial approval where they looked at the last 2 years of tax returns, bank statements for two months, bankruptcy paperwork (all of it!) and w-2s.
ANyway, my question is, we have a landlord that we pay rent to, having lived here for 1.5 years (will be two years on Oct 1 2014) and he is just a guy who owns this home himself and is renting it out. As far as I know he doesn't have any other rentals. Anyway, they want his name and number which I competely understand. Our rent contract reads that payments are due on the 1st however if not made by the 5th of the month there will be a 10% late charge. I looked back for a complete years worth of our payments, and I have one check from last August that is dated the 2nd of the month and cleared our bank that same day. All of the rest 11 months worth were all written on or before the 1st of the month. Will this be a problem for me? I haven't had ANY late payments on my car or credit cards or utilities or anything at all! No collections nothing negative since our bankruptcy whatsoover. In fact we purchased a car since then (hence my $299 payment). I just wondered if this will hurt me being that it's the day after the first even though our contract says it's not "late" until after the 5th. I'm guessing that the underwriter will most likely call the landlord and just ask them if we pay on time and probably not even request anything else because I'm sure he will say yes. We've been in good standing with him and kept up his house very well.
Other than this we have a few conditions we have to meet like they will pull our credit again and check more recent bank statements and pay stubs before we close. I think I'm probably just being paranoid, which is my personality, but could you please give me your thoughts? Thanks!
