Financing in 60622>Question Details

Qusm, Home Buyer in 60622

I erroneously completed the day care form and it put us over our debt income ratio. Can I find another morgage company and leave it out.?

Asked by Qusm, 60622 Thu Jul 26, 2012

Last year our son had half day kindergarten and we needed half day care. We kept him there for their summer camp twice a week but since I have summers off, we rarely take him at all. In completing their forms we did not even think about it when we filled out the day care form. But afterwards we realized it was counted against us and it truly is not an actual expense. They multiplied it by last years daycare and said we pay 780 a month, not the 400.00 a month summer fee and it put us over by 300.00. Should we scrap this one and find a new morgage company?

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Having the correct loan officer to work with you and explain directly to the underwriter is key!
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0 votes Thank Flag Link Mon Nov 18, 2013
I often discuss child care expenses with buyers. This is not put on the application since it is not child support. I would discuss this with another lender to see what they say.
0 votes Thank Flag Link Fri Jul 27, 2012
Tell your current lender exactly what your actual expense is and see if he/she can recalculate.
0 votes Thank Flag Link Fri Jul 27, 2012
You can try calling a different lender, but if its something that can come up, it will end up coming up in the long run. If its not something that will come up and you can prove it, you may be ok.
0 votes Thank Flag Link Thu Jul 26, 2012
As a lender we can't tell you not to disclose something. Your best bet is to talk to the loan officer you'll work with and disclose everything and have them double check with their underwriting. This isn't something I'd consider a reportable debt (there's a lot of monthly obligations we all have that don't count against our debt to income ratio) but there are many things that fall under the "underwriter discretion" category.
0 votes Thank Flag Link Thu Jul 26, 2012
All Mortgage companies were not created equally. You shoud check with another lender to make sure that you are not being limited by that specific lender.
Sam Sharp
Senior VP of Mortgage Lending
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0 votes Thank Flag Link Thu Jul 26, 2012
You could get copies of your canceled checks to prove what you actually paid, if they do not accept it, try another mortgage company that is both local and trusted.
0 votes Thank Flag Link Thu Jul 26, 2012
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