Hopes dashed

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

Tried a different lender few days ago and no problem whatsoever. Was preapproved for full list price of house 365k. They just averaged the last 2 years of returns, checked my credit which I knew middle score of 790 was plenty, income 160k and DTI very low. Off we go to start the process and proceed with offer. Guess it really is worth it to try more than 1 lender.

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While I'm cautiously optimistic on this, lenders are in something of a state of confusion TBH.

Fingers crossed, but you still have to get through UW and review and these days employment is being closely checked before closing and unfortunately we have stories of LO's being wrong in the past as they don't make the final decision.

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100% agree, pre approval letter first hurdle, have a long way to go....he did review my returns so wasn't just a phone conversation. I am cautiosly optimistic as well

[Anonymous]

@Anonymous I'm curious how things went for you, do you have an update? Did the lender average your 2018 and 2019 incomes? Use your 2019 income amount only? Or use another method to determine the maximum loan you could qualify for

I'm in a very similar situation as I started working as a contractor in September 2019 and hoping to buy a house next spring, but will only have 1 full and a partial year of tax return. 

[Anonymous]

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@Anonymous wrote:

@Anonymous I'm curious how things went for you, do you have an update? Did the lender average your 2018 and 2019 incomes? Use your 2019 income amount only? Or use another method to determine the maximum loan you could qualify for

I'm in a very similar situation as I started working as a contractor in September 2019 and hoping to buy a house next spring, but will only have 1 full and a partial year of tax return. 

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Sorry for the long delay, I lurk on here all the time but rarely login to see messages and comments. I found a wonderful lender who was willing to work with me. they are averaging 2018 & 2019 even though different businesses in that stretch. I struggled with local lenders as they wanted to see 2 full years and tax returns of same business. i have exc credit, high income and low DTI which helps immensely when self employed. Good luck in your home buying!