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Old 04-12-2011, 10:01 PM
 
5 posts, read 57,420 times
Reputation: 13

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Hello my first post sorry if I make any mistakes everything in this process is new to me.

My wife and I are purchasing our first home or trying to it's REO owned by Chase they wanted to keep the loan and were able to offer a lower rate and no points or origination fees so we are trying to go though them.


They had my wife's income at over $1000.00 but the underwriter has emailed the LO saying it has to be cut to $240.00 or so because she's part time for now and will be going back to work full time in July as she finishes school.

Well that will cause us to have to high of a loan to debt ratio although we are able to pay off our consumer debt and be in line with the bank we told the LO and Sr. LO this today they were both going to contact the underwriter and let them know we are willing to do this and get back in touch with us.

Well the day has gone by and we heard nothing I text my LO as she's always been pretty quick to answer text messages just to see if she heard anything but she did not get back to me.

I am on pins and needles not knowing if we are going to be approved or not I was just curious if someone has gone though something similar or if anyone has advice for us as to what we should expect.

We are putting over $30,000 down to make this purchase on a $140,000 home in California the house appraised for a few grand over the purchase price so I can't see a bank not wanting a loan that's in line with their ratio's and with that much equity into the purchase but I've never done this before so I really don't know where I stand and what to expect.



Thanks for taking the time to read this and for your responses.
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Old 04-12-2011, 11:57 PM
 
Location: SF Bay Area
1,290 posts, read 2,034,239 times
Reputation: 816
Many people applying for a home loan has gone through the underwriting process. It's nerve wrecking no doubt and there isn't much you can do about it except to stand by and wait for news. The best you can do is supply any documentation they ask for in a fast and timely manner. This part of the home buying process is really out of our hands. Just keep in contact with the LO. He's working for you. He's working on a commission. He wants to close the deal too. Unfortunately you cannot speak directly with the underwriter(s). Good luck.
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Old 04-13-2011, 02:42 AM
 
5 posts, read 57,420 times
Reputation: 13
Thanks for the advice dragontales, we have given them all the documents they could probably ask for but if they need anything else I do work from home and will be able to get to them ASAP.

I hope everything works out at this time but if it doesn't the world will move on and we will buy when my wife is back to working full time.
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Old 04-13-2011, 06:12 AM
 
Location: MID ATLANTIC
8,643 posts, read 22,799,829 times
Reputation: 10461
Okay, your question is like asking if you wear a hat today, will it rain next week? We don't know, unless we have more facts.

Did they give you your ratios? What kind of work does your wife do? Has she been there 2 years? And does she have a history of flipping between part time and full time? What kind of consumer debt are you paying off? What kind of reserves will you have after closing? You have a strong down payment, but that ratio is key.

I'm not trying to be harsh, but the direct answer is no one can set your mind at ease w/out more facts.
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Old 04-13-2011, 03:09 PM
 
5 posts, read 57,420 times
Reputation: 13
Quote:
Originally Posted by SmartMoney View Post
Okay, your question is like asking if you wear a hat today, will it rain next week? We don't know, unless we have more facts.

Did they give you your ratios?

We were told we can be at 50% debt to income which we would be under.

What kind of work does your wife do? Nurse aid becoming a nurse.

Has she been there 2 years? Yes.

And does she have a history of flipping between part time and full time? No she's worked full time since she's starting working.

What kind of consumer debt are you paying off? Credit cards and a auto loan.

What kind of reserves will you have after closing? Just under $10K if we pay off everything.

You have a strong down payment, but that ratio is key.

I'm not trying to be harsh, but the direct answer is no one can set your mind at ease w/out more facts.


Answered the questions in the quote as for not being able to answer without more facts that's why I came on and asked because I could tell you my life story but I didn't know what parts would be relevant and not thanks for taking the time to ask the questions maybe now someone will give a more clear idea of where we are in the process.
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Old 04-13-2011, 08:11 PM
 
5 posts, read 57,420 times
Reputation: 13
A quick update I just spoke to my LO and she said that the underwriter has stated we just need to remove $300 per month in payments which we are able to do she's going to double check that all the numbers are correct so things are looking up.

I'll be sure to let everyone know if it works out as planned and thanks to those that read this and took the time to reply.
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Old 04-14-2011, 08:47 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,330,497 times
Reputation: 457
If paying off the car loan would meet the $300/mo you need to eliminate from the debt ratio in order to qualify, then you should be good.
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