So my wife and have already been condtionally approved for an FHA. Every conditiona was met except for the transfer letter from my wife's employer as they need to process the transfer. My wife has reached out to HR several times and has even asked if her boss can write a letter, but they said they cannot do anything until the new manager puts in their approval on everything on their end. We reached out to our lender and I was told that I qualify for the loan by myself. The lender said that all he would have to do is remove my wife's info and everything else will stay the same. He said that he does not forsee that the under writer would request anything from me other than a disclosure that I have fully access to any joint accounts that I will use for the purchase. We are slated to close on 5/29. Should I be worried if I put the loan in my name. Will we be okay?
- The home is $559,000
- We decided to put down 3.5% (We plan to pay 50% of the loan within the first year as my wife will be getting an inhertance paid out to her in a couple of months)
- My Mortgage Fico Scores are EQ:662, TU:646, EX:652
- I make $147,840 Annually (I also get up to 15% of my salary as a bonus each year and about 10-20k of RSUs.)
- My wife and I have a combined debt of $2,077.81 (We are moving to a community property state so her debt is mine and mine is hers.)
- With our debts combine the lender said our DTI is at 43% which qualifies us as FHA's max is 50-56%. When my Wifes income was included our DTI was a 34%.
@ShanetheMortgageMan Thank you for replying. I am just concerned as we are already conditionally approved. Do you think that the underwriter will ask for anything or accept everything as is?
@ShanetheMortgageMan just wanted to close the loop here. My wife and I closed on 5/28 and funded on 5/29. Its finally over! We did hit a road block but it was resolved (our wire went into extend verification). After a few phone calls my bank was able to expedite it.