OTC's are a complicated loan program. I give you Kudos! Congratulations on your approval.
Yes, it definately seemed to be. The equity in the land that I own goes towards reducing the LTV%
The score requirements are higher and it seemed to be a fairly conservative process. My file had to be manually underwritten because of the bankruptcy, but they said that my LOE was amazing and even offered me a job because my documentation was superb.
Some of the issues were:
1) I had an FHA mortgage on a duplex that I bought in 2008 and turned into a 100% rental property in 2012. When I filed bankruptcy the duplex was included in the bankruptcy. I listed the property for sale and went under contract, then the bank tried to foreclose in the middle of the sale. Anyways, I got it sold at a price that paid off the mortgage and fees before it became a foreclosure.
2) A divorce in 2018, ex husband and I each pay half of the bankruptcy payment. The total payment is $4500 / month
3) I have no other debt except for a mortgage on my old home in Oklahoma, and a secured credit card with a $350 dollar limit. I had to move to Texas to find work when I lost my job unexpectedly. In the six month time period from Dec 1 2016 to June 1, 2017 our household income decreased by about 60% because my ex quit his job without asking me even though I wasn't working at the time. My daughter is still living in the house in Oklahoma and she is a freshman in college this year. Her boyfriend works full time with good/decent pay. He wants to eventually buy the house but I don't want to sell it just yet because if I sold it the court would request all the money from the sale of the house. I owe 121k on the house and it is worth about 230k. We have discussed a lease with purchase option and he is on board with that, he wants to find a roomate to defray the cost of the lease. Its a 2300 sq foot 3 bedroom 2 bath house and there are just two of them living there, so there is room to add a roomate or 2 to offset the cost.