Sleep like a baby Heather! 39% on your back end ration is a piece of cake. FYI, your Loan Officer is a ROOKIE! No seasoned LO would EVER miss a auto loan AND the fact the your student loans were NOT in deferment. The LO is an embarrassment to the industry. That's Loan Officer Training 101!
Can you imagine what would have happened if your DTI was so high they couldn't get the AUS (automated underwriting system) to accept and approve your loan? It would have been ugly for you. If one of the LOs under me made this type of mistake, I would not be very happy. Hope it all works out for you.
What are your credit limits on the cards? Being below 1/2 of your credit limit on a card helps a lot so say you have two cards maxed out you should pay them both down to just under 50% as opposed to paying one all the way off. Once you do pay them off DON'T close them... more
You certainly should contact a lender, as Hermine advises. Find out what's possible.
However, you might well be better off not buying for awhile. Get your credit score up. Also, if you've got student loans, repayment is kicking in right around now. Make sure you can handle that, too. Just because you might be able to qualify to buy doesn't necessarily mean that that's the right decision for you right now.
So: See a lender. Then determine your own comfort level with the options presented.
Mold is a hot topic with lenders due to many previous losses where dangerous and toxic mold have resulted in foreclosures and homeowners walking away from properties. The key to understanding whether the issue with mold is one that is easily remedied to one that needs a professional remedy is utilizing the services of a certified and/or qualified home inspector. A home inspector can determined for the lender whether the mold is of a serious nature or not.
If the home inspector determines the nature of the mold to be toxic or unsafe the home will have to be professionally treated for mold removal. The cost of the mold removal may be a price you then could determine whether or not you were willing or unwilling to pay to continue with the home purchase. Also, depending upon the terms of your purchase contract you could possible request a price reduction or that the seller cover these costs.
My recommendation would be to discuss these issues with a qualified home inspector in your area and then remedy the situation with the lender. The appraiser will most likely be required by the lender to re-inspect the property to verify by photograph that the repairs were made. The lender should then proceed to closing without any problems.... more