Home Buying in Dallas>Question Details

Dustin H, Other/Just Looking in 75019

UNDERWRITING ERROR WITH INCOME!!!

Asked by Dustin H, 75019 Sun Jun 24, 2012

My lender put our stuff through underwriting and now they say we make too much to get a USDA loan.. There is no way that we pass the 80,500 cap with our income and we aren't sure how they are coming up with this number. Any tips???

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12
Jim Simms’ answer
The child care deduction in my area is $480 per child, not the actual expense. Go sit down with your loan officer and have them run you through the calcs, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Mon Jun 25, 2012
Speak to the branch manager, you have the right to a face to face audience. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue Jun 26, 2012
"they said to look at the calculations they have to pull it out of the waiting line and it could take longer so we should just wait and see what the"

They are either liars or extremely bad at their job..... Pfft.

Sorry you are going thru this.
0 votes Thank Flag Link Mon Jun 25, 2012
By reading your posts...my tip to you....is select another Loan Officer. These issues you are having are avoidable, with property document sharing and communication. You shouldn't be having these surprises.

Best Regards,
Hunt

--
Hunt Holdridge
HUNTAHOME, LLC
Office: (214) 866-0050
Mobile: (214) 457-1639
Email: hunt@huntahome.com
Web: http://www.HUNTAHOME.com
0 votes Thank Flag Link Mon Jun 25, 2012
The only way to know for sure is to discuss their calculations with your loan officer. USDA counts household family income, so there might be income we don't use in qualifying in the ratio figures. But it still counts in eligibility.
Good luck!

Barbara Coker
NMLS#228545 Licensed Mortgage Loan Officer
100% Home Loans All Over Texas For 30 Years.
0 votes Thank Flag Link Mon Jun 25, 2012
@ Jim,

You have the automatic deduction of $480 per child but USDA will also allow you to deduct "child care" expenses like day care from the gross household income.
0 votes Thank Flag Link Mon Jun 25, 2012
What put you over the top.... according to your loan officer?



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Mon Jun 25, 2012
You really need to talk with a Lender. One who has done USDA loans before.

Kenny
0 votes Thank Flag Link Mon Jun 25, 2012
Hi Dustin H,

You need another opinion from a different mortgage banker.

Please feel free to contact me for help.

You can also check out my personal USDA Mortgage website for additional info. by clicking the link below.

John Burke
Senior Mortgage Banker
ENG Lending
(877)228-9069
0 votes Thank Flag Link Mon Jun 25, 2012
Coming up with the number is based on the info. you supplied when you completed your loan application .

Confer with your mortgage broker who is processing your file

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

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0 votes Thank Flag Link Sun Jun 24, 2012
We have included my work bonuses and everything... We also get to take off what we pay in child care so it should put us even further below. I just don't understand it.. I have a 401k but that's it. Not any trading stocks or selling or anything.
0 votes Thank Flag Link Sun Jun 24, 2012
They often include income from sale of stock, rental income, etc. as well. Be sure you are counting those as well.
0 votes Thank Flag Link Sun Jun 24, 2012
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