Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
Re: Please help Me please!!

I thought it was kind of odd you would have two car payments identical at $389/mo.  So since you only have the $389/mo car payment, $112/mo insurance payment (this is only included in your debt ratio if it is part of the car payment, if it is paid separately then it is not included in your debt ratio), and $70/mo in minimum credit card payments, your debt ratio would actually be 43.9% instead of the 51%... and with your credit & reserves that debt ratio will without a doubt qualify.

 

As far as documentation, after you filed your 2010 taxes, be prepared to provide your loan officer:

 

1.  2009 & 2010 tax returns (including all schedules)

2.  2010's W-2 for your current job

3.  Paystubs for the last 30 days (at the time you apply)

4.  Bank statements for the past 60 days (at the time you apply)

5.  Letter of explanation about your employment history/job gap

6.  The last 2 consecutive years W-2's from your employment prior to your job gap

7.  Letter of explanation about how your ex-spouse pays the car lease that reports to your credit

8.  Copies of the cancelled rent checks you pay to your parents to rent out space at their place (pay by personal check only, no money orders, no cash), they may or may not be needed

9.  Valid photo ID (like an unexpired drivers license)

10.  Copy of Social Security Card (for Patriot Act compliance)

 

Glad I could help and inspire.