July & August Closers

[Anonymous]

-Purchase Price:  $154900 Property: -Ranch Submitted offer on:6/20/2012 -Signed Purchased contract on : 6/21/2012 -Type of Loan: FHA -Loan Rate: 3.75% - Loan Application submitted:  6/25/2012 -Loan approved: ? -Committment letter received on:? - Closing date: -Scheduled for 7/30/2012 -Closed ? Pendng I'm so nervous I hope the underwriter is in a good mood. 633 Experian. 24k in savings. 4k in checking steady job for 2.5 years make 52k a year have 2 car payments and 4 cc with 0 balances. What are my odds with Wells Fargo?

[Hammer23]

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@dehabel wrote:

What state are you in?  We are trying to go USDA and a timeframe would be helpful. 
Thanks!

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I am in OH. Currently USDA is working on loans recieved 6.4.2012

[GoodCredBen]

@Sdonoghue

Im sure you will be just fine with wells fargo, the only thing i would worry about is your debt to income ratio. 

This is not meant to be anything but an example.

I make 75k a year, and i have the following:

425/mo Car Loan(owe 8k)

260/mo Car Loan(owe 9k)

50/mo Student Loan (1.2k)

50/mo Student Loan (2.6k)

50/mo Student Loan (2k)

15/mo CC (Currently 0 balance 1250 CL)

15/mo CC (Currently 6$ balance 500 CL)

With just this they some how calculated my DTI ratio WAY higher then i expected.... 41%..... 

I owe no debt collectors money or anything..... so im not entirely sure what is making my DTI ratio so high... 

[Anonymous]

Yeah mine dti like 37-39% hope I can get it fingers crossed

[jcstarkey8826]

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@FairCredBen wrote:

@@Anonymous

Im sure you will be just fine with wells fargo, the only thing i would worry about is your debt to income ratio. 

This is not meant to be anything but an example.

I make 75k a year, and i have the following:

425/mo Car Loan(owe 8k)

260/mo Car Loan(owe 9k)

50/mo Student Loan (1.2k)

50/mo Student Loan (2.6k)

50/mo Student Loan (2k)

15/mo CC (Currently 0 balance 1250 CL)

15/mo CC (Currently 6$ balance 500 CL)

With just this they some how calculated my DTI ratio WAY higher then i expected.... 41%..... 

I owe no debt collectors money or anything..... so im not entirely sure what is making my DTI ratio so high... 

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with those numbers your DTI is about 13%... there must be something you/they are missing. I would correct that as soon as possible

[Poet34]

FairCredBen, I agree with jcstarkey.

I think they transposed your numbers.  I calculated your DTI to be 14%.

[GoodCredBen]

Thats right around what i go (13%) but its done and through underwriting soooooooooo......

BUT we ran into a HUGE problem yesterday!!!!

All of my realtors docs say that my wife and i are married, but my LO for some random reason, submitted ALL of our loan documentation as being single......

She says that it shouldnt change our closing date at all (22 days)... we had a private ceremony for religious reasons.... but still having a wedding in october....

.................

SOOOOOOOOOO frustrated!

[jules0580]

Did you ask for a copy of your credit report? Thats definitely not 41% without the mortgage are you sure they didnt put a proposed mortgage in? Because at 75k a year 41% would be 2562 a month.

[GoodCredBen]

well, that sounds about right with what we were preapproved for.... maybe that is is...

ALSO

We are in the clear... my LO found the error in her ways and fixed it!

[rangergirl]

I've been waiting on the conditions, but received clear to close for Monday 7/9!     I'm excited, but more so happy to be out from under the stress.