Sometimes, when it feels like nothing is working out, you just have a bad day. I found out a lender is averaging the last 18 mos. income instead of using year to date. That really messes everything up. Because he had much lower income last year, It makes his DTI way too high. Mind you, if they just use year to date, his dti is only 38% Sometimes, my nerves can't take this job!!!!
Amanda
Maybe change lenders, it's obvious to all of us that they are changing the guidelines so try someone else.
Good Luck...
Tom
Welllllll,
It's Chase Rural and will not work with anyone else. I have a call in now to our AE, hopefully we can change things.
Amanda
Amanda,
Does th borrower have overtime? What if you use a Voe showing OT will continue. Knwing and formally working for Chase I know how they can be sometimes. Especially the U/W's. I would take it someplace else.
Well,
The rep from USDA says he will approve it because they project income for the next 12 mos, they don't look back. Apparently, it's Chase that won't do it. So, I think we are going to submit it to Countrywide and First Horizon. Since it's a lender issue and not a USDA issue.
Amanda
Thats good you found a new lender, I have had nightmare deals with borrowers who were truck drivers that made enough to qualify for the loan but we couldn't verify their income. Non reimbursable employee expenses and tax deductions raised the dti through the roof. Underwriters want 2 years tax returns, not pay stubs. We ended up going SIVA.
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