Recently I applied for a USDA program mortgage and was preapproved with a middle score of 674 at the beginning of February. I am in the process of having a home built with a close date for July 19th. In the meantime, tiny issues keep arising that maybe were not considered at the time of preapproval, but will definitely matter to USDA since they are so strict with their guidelines.
My DTI ratios are wavering to the limit and if the mortgage interest rates continue to climb I may exceed the back end ratio. My question is, does anyone happen to know what the likelihood is of me getting granted a Debt Ratio Waiver with my ratios at 15.81%/43.37%, my middle score has rose to 684 and should continue to rise, my cash reserves will be at least 4500.00, I have been employed at my job for 6 years now, while I am aware that these are all compensating factors I still feel nervous that there is a chance I could still lose my eligibility at the 11th hour and may need to go FHA or conventional which will require at least an 8,000-9000 down payment.
