Quote:
Originally Posted by TheWatchGuy
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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its cause her name is on the loan. if you take her name off the loan, they dont need that info.
ive dealt with similar issues when getting a mortgage and refi because my wife was PRN, but my income was more than sufficient. Needed all kinds of things from her employer stating she is guaranteed x amount of hours a week and a lot more pay records than I did.
I've just stopped having her on the loan to make it an easier process. |
100%. We did that for our first 2 houses and a couple refis over the years. But at this point in our life we are late 40s and my wife is a successful doctor and business owner. I'm proud of her. She's worked her GD ass off and to have to be removed from the loan so that I can ride in with my income and make it all work without her is such a slap in the face to her and all she's accomplished. Don't get me wrong, you're 100% correct and it may come to that. But after 20+ years of being told she's a financial boat anchor by the banks I was really exited for her to truly be a partner is this one.