Also we may be able to provide you a cheaper rate on a fixed 203k or even potentially qualify you on a FHA 203k 5/1 ARM which would give you more room for qualification purposes. Not everyone has that product so you might not have been offered it yet. Being so close I would tend to think there should be a way to get it done.
One last thing to keep in mind is that if you exceed the normal guidelines for an FHA loan of a 43% DTI, we like most lenders, will want to see that you have some compensating factors such as reserves (assets) in the bank after close, additional down payment, good job stability, higher scores, etc. There are more but that is a small sampling. Remember- higher DTI means higher risk for us as the lender and the more compensating factors to make the underwriter feel warm and fuzzy the better!
Hope this helps and feel free to reach out to me as I would like to help you out if you haven't already closed on your loan.
One of the issues that I find is that all loan officer claim that they can do 203K loans but few know the ins and outs of the product. I can give you a list of reference for the 203K loans that I have done in the past and recently. You may reach me at 732-539-9300 that is my cell.
Camille Marotta, Branch Manager, Jet Direct Funding 732-539-9300
Janet Larsen, Broker/Associate
660 Woodbury-Glassboro Rd,
Sewell, NJ 08080
Offc: 856-415-1210, ext 321