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Looking for a lender who will be lenient with our debt ratios, based on our excellent credit and payment history... We were supposed to close next week but it's not going to happen because our lender JUST NOW realized that our ratios are too high. So I also need a lender that can do a loan for us FAST, like less than 2 weeks if possible. Here's a summary:
Current mortgage (house is on the market): $267.10/month
Current homeowner's insurance $62.50/month (but has been paid in full for this year already)
Current property taxes $90/month (but has been paid in full for this year already)
Total $419.60 if you factor in everything
New home if we do 20% down: $296/month,
if we do 10% down $333/month
Insurance/Taxes: $81/month
PMI (if we do 10% down): $37/month
Total: $377/month with 20% or $451/month with 10%
(We CAN do 20% down but it leaves us with hardly any cash in reserve, so we considered doing 10%)
Current income 1st job $1516/month
Current income 2nd job $800ish/month
Our problem is that we qualify based on our CURRENT income... but only the 1st job will transfer to our new location. The 2nd job my husband is going to try to do a quit and rehire but it's not guaranteed (so not verifiable by the bank).
Our plan is to close on the new house, wait a couple weeks to get all our loose ends tied up, then move. We have had a lot of interest in our current house (probably 20 showings and at least 3 people definitely interested) but no offers yet. It's been on the market almost a month. Our current house WILL sell before winter, even if we have to lower the price ridiculously low. We only owe about 50% of what we paid for it, we have paid it down that far in only 3 years.
Bottom line is, we pay our bills, regardless of whether it works out "on paper". The problem is getting a bank to loan us the money! The bank we are working with right now has to factor in the old mortgage as if our house never sells, AND the property tax and HO insurance as if it weren't paid yet.
New house is in Chattanooga, btw, so ANY recommendations on lenders in that area would be MUCH MUCH appreciated, or any suggestions on alternate routes we might be able to look into.
Forgot to say my husbands credit score is just over 800 and mine is just under 800 (790 something I believe)
Last edited by bravissima82; 06-15-2012 at 12:48 PM..
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