Getting a little itchy on an application as my original guy was terminated... Wondering if anyone knows what the front end DTI ratio for NFCU tends to be? I hav a couple of things going on and since my original guy is gone I am not sure what was officially sent to underwriting...
- Went into contact on a new home Monday, June 20th. The closing timeline is July 14th (yes, I know that is super quick at 24 days, but my original mortgage people were all about it (BTW, they lost my business when they wanted $30k down and a rate 1% higher than NFCU)
- Home is $370,000, I do not foresee any issues with appraisal except for how much someone is going to dig on a couple of ceiling stains (the repairs to the roof have been made, but...)
- I currently own a home, financed with NFCU, with a payment of under $1,500 BUT I have a lease agreement effective August 1st for $2,500
- I have no other debt, none at all, no credit cards, student loans, or car loans, no collections, NOTHING
-My bonus income is not officially guaranteed, but I obtained the max+ in both 2020 and 2021
- My midscore is 740
My delima is this... I do not know what the original guy used as my income. It could be three different paths, as outlined below (with the DTI listed next to it).
Wages ONLY (no bonus or rental income) 42.28%
Wages and bonus (no rental income) 37.75%
Wages, bonus and rental income 33.91%
I was sent to underwriting yesterday with all of the requested documents, but so far no feedback, which I dont expect for a couple more days. Again, since I have no other debt my front end and back end numbers are the same. I know on the back end I am completely fine.
Anyone have insight into the front end ratio or thoughts on what I have outlined above? Appreicate any feedback as I have bought and sold many places, but this one is giving me some palpitations.
I don't have any specific info to NFCU, but if it's conventional financing then most use the same max ratio for front/back (housing/total). 45% is pretty common but with Fannie Mae and Freddie Mac automated underwriting systems up to 50% is possible.