Mortgage Approval Odds?

[Anonymous]

Good morning all,
I’m currently under contract with my partner and am going through underwriting. Our lowest mid score is 707, household income is approximately 115k with 2300 in revolving debt. Our DTI with the new mortgage(233k loan) would be 43-44% and we are applying for a conventional mortgage. I have concerns due to the fact that I graduated about a year and a half ago and only have 1.5 years experience in my field and started a new job 2 weeks ago, however my LO states this is not an issue.

We are going to put 5% down, seller covers closing and closing for 5/31. Does anyone think the loan officer will take issue with under two years experience for me, 44% DTI or the fact that my income recently increased by about 18k a year?
Thanks

[pgtackle2003]

I think your LO is correct that this won't be an issue. Each lender can come up with their own work history requirements. But the fact you're just out of college and already past 12 months I don't think it will be an issue

[Anonymous]

Thanks, I was also kind of wondering if they will be okay with using my new income from my new position. It’s a significant increase in pay and I won’t have a first pay stub until 5/28 for 5/31 closing?
Thanks

[pgtackle2003]

Generally they require at least 2 pay stubs. They might also do another employment verification to confirm it's not a temporary job or pay increase. 

[Anonymous]

Did you receive an offer letter which outlines your comp package? That can be included as documentation, and particularly effective if your employer is reputable and financially solid.

[Anonymous]

I did and submitted the offer letter when we applied for the loan. It’s the second largest company in my field in the US so it is definitely solid.