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McPhd13

Advice

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Supposed to close on 27th but new DTI troubles arise. HELP

Answer

I understand John's sentiment but I am just bouncing ideas around because frankly I am stressed and trying to get some idea that we can overcome this issue. I understand the not using unsecured debt to borrow more money. Here is my issue. That money was already going to be commingled into an account and be used to pay these debts. It's part of living expense. I can understand if I were going out right now and trying to get a loan to do this, but not if it is already in my account. Especially when we're given money with which to pay room and board which would be our rent for the past two years which good rental history helped us to qualify. I do get what you're saying and completely understand the idea. I do appreciate you letting me bounce ideas off of you, even if my ideas are not allowed. lol..

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Supposed to close on 27th but new DTI troubles arise. HELP

Answer

I forgot to state that I have already received the student loans and they are in my bank account. I would not be taking out any more loans to pay for the credit cards. I would be using funds that I already have that are/have been commingled with our pay checks.

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Supposed to close on 27th but new DTI troubles arise. HELP

Answer

We already know her boss will verify that she regularly works over 40 hours a week. I'm concerned that there may be an issue with HR saying one thing and the boss that certifies her hours saying another. It's not like it's not shown on the paystub, it is just worded in awkward way. I will definitely have him do that if the verification they do doesn't work. The main problem would be the fact that our paychecks go into the same account that my student loans go into. So all of our funds are commingled. I just hate the fact that it is the WORDING on the check that could stop us.

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Supposed to close on 27th but new DTI troubles arise. HELP

Ok, we are supposed to close on Tuesday. Found out today that we are $73 a month short from making the back end of DTI for our VA loan. There are two reasons why. My wife is employed at the southern end of the state and the main branch's HR is in the Northern part of the state. She has been employed by the same company for a year. She interned there before that while in school and has continued to work there while finishing school. She graduated in May. She is full time and regularly works over 45 hours a week. The HR office put her pay a 37.5 hours a week at regular pay and 2.5 hours of straight time. This is listed for every paycheck, which equals 40 hours a week. She also gets regular overtime. Her local boss is willing to fill out the Verification of Employment to verify that she does, in fact, work 40 hours a week and does work regular overtime and that overtime will continue. The mortgage broker said this could work and I trust him, but am looking for other's input.Another way to make the DTI is to pay off AND CLOSE some credit cards, however, I would be using student loan money to do so. Now, the budget from the school allows for 2689 a year to cover living expenses and 1100 for books and supplies. All of the expenses on the credit cards are for living expenses and school expenses. I have no problem closing the credit cards as I planned on doing that over the next couple of months anyway. I was waiting for the process to be over before I made any changes to my credit.He was told yesterday that we can't use student loan money to qualify for a mortgage, but doesn't that just mean we can't use our student loan money to qualify for income nor pay for closing costs? We have saved enough money from paychecks to cover all closing costs. If I do either, we make the DTI, but not sure what to think now..Does anyone have ANY information or advice?

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VA Loan and Rental History

Answer

Thanks. He will write a letter. Is it normal to worry about EVERYTHING. My Loan Officer seems to think everything will be fine.

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VA Loan and Rental History

I have a question. I am in the process of applying for a VA loan with Guaranteed Rate. I have been submitting all of the documentation. One are of concern is my rental history. I have paid my rent on time for the last two years. However, here is the issue:I rent from a friend and they are often gone on vacations and it is often hard to get them the check. I normally pay my rent several months in advance. However, in the past year, I was able to get them the rent on the 8th of the month and prepaid for 4 months. There was one that was on the 22nd of the month and again for another 4 months. The big issue I have is that they dated and cashed a check over a month after it was due. My July-December rent check was dated and cashed in mid august. I am VERY scared that this is going to hurt me. How bad will this hurt me? 

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