wwyd? Waiting on loan approval????

[lovin diz]

I have hummed the jeopardy song all day

DH and i were preapproved to buy our lot a few weeks ago.
when doing paperwork for the closing, the loan officer noticed a mistake in our salary. That made our debt income ratio off by 1%. Friday she called and said she didnt know what to do?? After hours i thought about me paying off my last credit card, and reducing my student loan payment...I did the online calculator and that does bring that ratio back down 1%...But i havent heard from her?? Our purchace agreement ends march 12th....I dont want to bother them, but i need to know something...I am now afraid i am doing the calculations wrong...so would you contact her tomorrow am?

 

[golfgal]

Call her first thing in the morning and tell her you are prepared to pay off the credit card if that will bring your loan/debt ratio down. I would, however, be a lot more concerned about having that much debt that your debt to loan ratio is so close to the max. Are you positive you can afford this?

 

[kathie859]

I'm a loan officer for a bank and I would be happy if a client called me with a solution to a problem like this on their own

I am confused though that the loan officer found this ratio issue at closing? That's just strange. Normally an underwriter would issue an approval prior to the closing--I'd never think about stopping a closing if it had been approved by an underwriter. Often mitagating factors (i.e., addtional assets) are considered when approving a loan.

But if you like this lender and have a good rate, I'd call her with your idea.

Good luck.

 

[shortbun]

Call her and tell her what you've figured out. Maybe she's solved her problem already. Call her. I hate it when people tell you what they have to do to do their jobs OR tell you they don't know how to do their jobs. Just do your job already and tell me if you need anything from me.

 

[lovin diz]

I'm a loan officer for a bank and I would be happy if a client called me with a solution to a problem like this on their own

I am confused though that the loan officer found this ratio issue at closing? That's just strange. Normally an underwriter would issue an approval prior to the closing--I'd never think about stopping a closing if it had been approved by an underwriter. Often mitagating factors (i.e., addtional assets) are considered when approving a loan.

But if you like this lender and have a good rate, I'd call her with your idea.

Good luck.

im sorry i confused you....It was found during underwriting....
and yes, i can afford it...We could probably afford another 2 or 300 dollar note....But i am thinking i will pay my car off early.....

 

[jlewisinsyr]

Unless you're really close to the max ratio, a 1% discrepancy should have no impact on getting a loan.