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Locked in 2.5. However get the commitment at 2.875. Was told my DTI calculated is too high. Checked

  • August 16 2013 - US
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Answers (1)

Profile picture for mfan07470
Got GFE stated the 2.5 rate. at beginning of June. locked to 8/8. Commitment come out on 8/9 with rate 2.875. When asked, was told need meet cash reserve to meet the 2.5 rate program. So I provide additional asset statement met the cash reserve requirement. Then I was told my DTI is too high to qualify. asked to show the DTI calculation didn't got it. From closing condition found out lender use 872 monthly payment for my 157K heloc (2.25 interest rate, can pay interest rate only, what I intend to do will pay off the principal once I close my old house). from what I read, loan against stock will not generate any debt. any one has any experience on this? planning to using stock backed loan instead of HELOC for my transition fund. original closing is 8/12. now extended to next Friday. Planning to put 45% downpayment, Credit score around 800. Never think I will run to mortgage problem like this.
  • August 16 2013
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