Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011
Re: (Hopefully) My Journey to Homeownership

Sunshine85 wrote:
Do you have credit cards that would be paid off within 6-10 payments? If so, they can exclude the debt and that would help with DTI. When you get closer to closing, find out what they are estimating for homeowner's insurance on your new home. If you can get a premium well under what they're estimating, that will also help your DTI.

I have one CC that is showing a $10/mo payment, everything else is paid off.  She wants that one to report to maximize score.  Insurance is tricky here (I'm in FL) and I understand that she's got that trimmed pretty much as far as it will go.

 

She told me yesterday that she thinks I'll still be OK since I also have good "compensating factors" and my front end DTI is well within range.

 

I understand why they are so strict after the bubble burst, but at the same time, it's very frustrating. Right now, all I can do is wait for the student loan to settle into IBR and document that and we can move forward from there.

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)