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Warning: the loan officer in Tulsa caught my DTI at 61% and I had to rework my whole file
I was sitting in a First Oklahoma Bank branch in Tulsa last month trying to close on a duplex. My loan officer pulled up my debt to income ratio and said it was 61%. I thought I was at 48% because I never counted my HELOC payment on the rental I already own. She showed me how the underwriter stacks the new mortgage payment, taxes, insurance, HOA, plus the minimum on every card and that HELOC. So we spent 2 weeks paying down a $9,400 card balance with savings and got it to 43%. The thing is, I had been quoting myself the wrong number for a year and nobody caught it until a human looked at the file. If you are shopping for a jumbo, ask them to run a soft pull and show you the actual ratio before you write an offer. Has anyone had luck with a lender who will do a manual underwrite on a place with mixed use on the ground floor?
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grant91813d ago
That 61% number got me too, my lender forgot my $340 truck note until underwriting flagged it.
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