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My LO ran the numbers wrong and excluded a loan we had no intentions of paying off. With this loan included my DTI is too high. Will be 50% but Suntrust stated they can only go up to 41%. Were expecting to get all of our earnest money back which is 7K. The loan balance is 7300. My LO had me write a letter explaining that we would pay the loan off after close with the refund. Has anyone been in this situation before and is is common to pay off debts after close or at the closing table?
It's not uncommon for a loan or debt to be included for payoff at closing (and included in the back and forth money transactions), but I can't imagine any lender being satisfied with a promise to pay something after closing. My best guess would be that you are going to require a waiver of their DTI guidelines or an inclusion of the payoff in your closing.
But I'm no expert. Let us know when the lender responds with a "This is what we can do".