what are my chances of getting denied at underwriting? VA Loan

[Anonymous]

My mortgage processor said that she'll send the application for final review this week.. I'm kinda scared getting denied because we already paid the appraisal, deposit earnest money, and inspection... Wer'e suppose to close at the end of the month. The problem is my husband is self employed.. In 2015 tax return my husband only made 30k ADG and 2014 is only 10k bcuz of tax writoff.. When we average our income is very low...

BY the way, i'm not on the loan because I don't have any credit history and I only work for less than a year. 

Were buying a 100k house with 15k down payment. Our rate is 3.35%.. Propery tax is 658 a year, hazard insurance is $53 a month, and no pmi... if we get approved, our monthly payment would be::: around $490-$500....

I'm scared getting denied because of high front end ratio and 2014 tax write off. We zero debt and credit score is in 800's 

[Anonymous]

Our risidual income here in TN is 730...and we have zero debt...I know every lender is different. I'm not sure if Navy federal Credit union will average my net income or adjusted Gross...If they average my net income,, then the front end would be 34%

[Anonymous]

What is income going forward?

Also have you discussed your concern with your LO? 

They might have a better response because they have more information related to your situation then we have here.

[Anonymous]

We submitted our two year tax - 1099 four weeks ago. My LO told me that "they" approved our income...I don't who is "THEY"..

[Anonymous]

Judy, I may be too trusting, but i doubt a loan officer would have let the application get this far if there wasn't a decent chance of you being approved!  Afterall, they want the loan to close just as you do.   I'd confirm with the LO that your details meet, at face value, the lender's qualification standards.   I find it very hard to believe it would have been sent to UW otherwise!

[Anonymous]

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@Anonymous wrote:

We submitted our two year tax - 1099 four weeks ago. My LO told me that "they" approved our income...I don't who is "THEY"..

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By they I mean your lender or loan officer. They have all your information and can analyze it better than a forum here can

[Anonymous]

It sucks being self employed when it comes to getting a mortage. I was hestitate to add too many deductions when doing my taxes due to chipping away my AGI. I just had to suck it up and pay the huge tax bill to up my AGI. I am in the underwriting process right now. 

[Anonymous]

Mortgage process just called me this afternoon..Our mortgage is approved. AND i'm suppose to close on April 8..but the person that suppose to handle my closing doc. are very busy.. so she is sending it to a different person.. So our closing Date is still pending...

[Anonymous]

Congratssssss!!!!

Everything will go smooth

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@Anonymous wrote:

Mortgage process just called me this afternoon..Our mortgage is approved. AND i'm suppose to close on April 8..but the person that suppose to handle my closing doc. are very busy.. so she is sending it to a different person.. So our closing Date is still pending...

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[Anonymous]

Congratulations!