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Is this loan possible with USDA Guaranteed


jesuseldyablo
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The last post in this topic was posted 4358 days ago. 

 

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I want to give you a status of my situation and let me know if this loan is possible under my current conditions.

 

We are currently doing a USDA Guaranteed Loan

We want to do loan under wife's name only

She currently makes 32,500 annually and does not have any other debt

Middle credit score is 688

House we want to buy is 184k with bank paying $4500 in closing

Our offer has been accepted and have a closing date of 04/02

LO officer is now telling me that GUS system did not approve my wife because her mortage debt would be 41/0

Before putting offer he would say that he would get us approved for a USDA loan. He knew the amount we were looking to borrow.

He is now saying that he can get us approved for a FHA loan. I do not want to do an FHA loan specially with the new PMI fess effective in April

 

Do you guys think another bank would do this loan under these conditions? We are in North Carolina.

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This is what GUS said about the loan.

Loan Risk Evaluation: REFER



 

Loan Risk Findings:


  1. 30281-Review Rule 01-Front-End Ratio. Front end ratio
    exceeds acceptable limits set by the scoring model. Loan must be manually
    underwritten and strong compensating factors must be documented.


 

I also just learned on the internet that Gus does not

deny/approve loans. Is this correct?



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As long as your FHA case # is pulled prior to April 1st then you wouldn't be subject to the small increase in mortgage insurance that is occurring then.

 

So you say your wife's housing debt ratio is 41%? You'll need super strong compensating factors to get a housing ratio that high approved. 29% is the threshold, and with excellent credit & some reserves in the bank I've seen underwriters approve it around 35-37% before... but not 41%. Not saying it's impossible, but it's not going to be very likely.

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