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I need some advice please .

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Valued Member

I need some advice please .

I have a contract on a home that is set to close on the 23rd. This is the 3rd extension . The first two were due to PRMG and their lies . The last one was to find other funding. I’m currently working with a broker now, I have a LE from Freedom mortgage. HOWEVER.... i have not gotten an answer from any of my emails in 2 days asking for an update . I need something to happen fast .... I’ve already gotten the appraisal . My middle mortgage score is 602. I have 2 collections. One is medical the other is Fingerhut , but it has been paid .
I have 5 balances are all 0 , except 2 that are 30.00 each.
2 car loans ...
All trade lines and car loans are current.
No late payments on any .
I make 85k .... 50k is salary 45k is commission. I claimed a loss from schedule c last year and the year before , BUT . I have closed the business ( eBay) and am no longer selling . Can someone please tell me if they have ever been in this situation, and if so .... what did you do . We’re you able to successfully get a home loan?

Thank you all
Message 1 of 8
7 REPLIES 7
Established Contributor

Re: I need some advice please .

How long have you been on the job that earns $50k base salary ( i am assuming from your post) plus commission?

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 2 of 8
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Valued Member

Re: I need some advice please .

Same place of employment for 4 years and 8 months .... same line of work for 8 years
Message 3 of 8
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Established Contributor

Re: I need some advice please .

Have any of the three LOs you've been working with tell you what your DTI has been calculated?

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 4 of 8
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Valued Member

Re: I need some advice please .

DTI is 40% I believe .
And that’s based off of the 50k only
I have 2 car payments
385 & 480
One credit card is 27.00 the other is 12.00
The LE stayed a monthly payment of 1385 . That is included in the 40% DTI
Message 5 of 8
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Valued Member

Re: I need some advice please .

I’m actually not really too worried about the credit part . I’m worried about the taxes . I did write a LOE stating that the business is closed, and I will only be using my w2 income moving forward in 2019. I also had my tax preparer write a letter as well. He is not a CPA , but he does taxes for a lot of people . I’m looking for someone who has had this same scenario and can chime in with what happened in your case . We’re you approved with the LOE for the business being closed?
Message 6 of 8
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Valued Member

Re: I need some advice please .

Anyone?
Message 7 of 8
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Established Contributor

Re: I need some advice please .

They're just looking for the truth.  

 

If your past business is truly closed and there's no proof of current operations you should have nothing to worry about.

 

If it's still licensed and operating, you'll need to provide a YTD P&L but you'll need to factor in any income or losses based upon the last two years' tax history.

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 8 of 8
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