Asked by Ab5000, Euless, TX • Wed Jan 25, 2012
we are both young 29 and 30 with total annual income of 105k. we both have 750 credit score. issue here is that i bought a house with my dad back in 2007 and i was living there until last year when i got married and moved out.
my wife has home equity loans under her name totaling about 280k. her mother (my mother in law) made her cosign few years ago before we got married.
our combined DTI is too high for any bank to approve us for a loan. bank of america suggested that we go with an FHA loan and just me and my dad on the mortgage for this new house. asking price is 235k and we want to put down 20k. at first everything was going great until at the last min the underwriter said this loan cannot be processed because they need to add my spouse's debt in the calculation ,. which puts the DTI over the limit again.
so they wasted about 2 months of my time and charged me for "services provided" where they basically lied to me to begin with. please help
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