LO& broker pulling my leg or real hope?
10-16-2012 03:12 PM
planned on doing a little more rebuilding before trying to puchase a home but was pre qualified by a LO at wells fargo. I have lates from my student loans (were supposed to be in defferment) that are only 6 months old (accounts are all caught up and current now) . picked a property, threw down the earnest money , got the gfe a few days ago, waiting on the underwriting. By my calculations my dti would be around 43%(current obligations+mortgage). my scores are hovering in the 638-647 range. on the plus side my last 60 days of statements show i have enough liquid assets to pay about 4 mons of the mortagage and I have another 9 mons of mortgage payments stuffed away in my 401/457. After doing a ton a reading here i'm thinking the recent lates are gonna shut all this down and the wells fargo LO is just blowing smoke with his fingers crossed. what do you guys think??