Posts: 8
Registered: ‎06-04-2009
Re: Please help Me please!!

ShanetheMortgageMan wrote:


It wasn't really clear what type of monthly payments you have, it sounds like you have a lease at $389/mo + $112/mo (total of $501/mo) and then another car loan also at $389/mo with $4k left on it?  Wasn't sure if that's correct.


If so, your debt ratio is a little on the high side, about 51%, assuming that taxes run about 1.25% of the sales price in your area, and that the insurance would be in the $900/year range.  Not to say that couldn't qualify, but you'd have to exhibit some good compensating factors such as good credit scores (which a 739 score would be) and reserves/assets available after closing (which you'd only need a $7k down payment on a $200k sales price), and there it sounds like you have $17k+ in your name so if you can get the seller to pay closing costs you should definitely be good in that department too.  I'd also recommend you document that your husband pays the car lease in your name, it wouldn't be able to be excluded from your debt ratio but it certainly helps an underwriter feel more comfortable approving that higher debt ratio (without that lease, your debt ratio would be at 39%, right where FHA likes it).  But because of the debt ratio at 51%, I could see an underwriter wanting you to have at least 1 year on the job.  If you plan on applying after your 2010 taxes are filed, you should be close to the 1 year mark.  You should also file your 2009's if you haven't already, as the underwriter will verify that they've been filed.

Hi Shane

Thanks so much...I was hoping you had responded. This really was a question and cry out for help for you.

I remember last year when you responded to something i wrote you said that i didnt qualify and right now and my spouse would have to sign alone and you know what ...

you are the inspiration that i need to make things work....To atleast have the encouragement to do this alone now that I'm alone.Woman Sad I have been crying my eyes out  this whole ordeal. I could go on and write a book on how I feel right now but really I've never felt like this.

FHA lenders will allow 36-39% of carnote right? Because the lease is one of the two bills on my report. Of the total 5 things total.

Oh no just the ONEcar payment of 389 and the balance owed will be $2739.00

The car payment is $389 a month

the car insurance is $112 a month

I have one credit card payment of 70.00 a month and i build my credit with that card with the 3500.00 limit. (with no balance owed right now.)

i removed myself from the nissan loan and it doesnt report on my credit report.

So thats all i owe a month. 389+112+70( but the 70 isnt due now)

I believe with a 739 score as of a couple of days ago it will grow bc Ill have a balance owed on the lease of only $2,723 if its 7 payments left if i wait til february to apply. I just wanna be as high as possible in the score. and have that acct with Alliance One  for $142.00 that ive been disputing taking off entirely.

My spouse claimed me and my son i believe in 2009. so should i show the underwriter the proof that I was claimed. and i was not working bc i was a stay at home mom...will they need that?

I did file for 2008 so shouldnt i show them that? that will help me correct?

so can you calculate my income to debt ratio again?

I will be looking for the seller to take care of the closing costs and I have the funds to put down to satisfy the bank. so this will work for me.???


if you feel that there is anything else that may help me quicker please feel obligated to let me know. (thanks)