Quote:
Originally Posted by DETRoadster
Well we aren't out of the woods yet. The loan is supposed to close this week. We've signed everything as of last week. Underwriting just came back wanting MORE details and documentation on my wife's business before they will sign off.
It's crazy to me because if you take all our debt and only use my income, completely writing off my wife's income, we have a debt to income ratio of 19%. Their limit is 43%.
My wife and her business partner took out a government backed small business loan at the height of COVID, didnt need a penny of it, and paid it all back 4 months later. That's somehow reflecting poorly on the business in the eyes of underwriting.
I just dont understand thee guys. God help any of you who are self-employed and trying to get a home loan or refi. What a nightmare.
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Thats exactly what my wife and I encounter while purchasing our 1st property. No debt, only car payments and all of credit cards were 0 balance.
credit scores 800 each. we came in around 15% debt ratio, still underwriting wanted every transactions in and out of our banks until we closed. Any deposits over $5k, they wanted to know where it came from. Background checks, identity check...at one point i felt i would have to bend over too lol