How to get an exception for 43% DTI

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This topic contains 4 replies, has 3 voices, and was last updated by  25andwise 6 days, 1 hour ago.

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  • #46798

    25andwise
    Member

    I have no idea how to get a new counselor but I’ve received more answers and understanding via this forum than anything I can possibly receive from my MC due to lack of responding! Sent two emails today and only one received a response. Initial email was not even addressed. The sellers are working hard to save this deal and have brought closing costs to the table. Thankfully the rate has temporarily dropped atm so buydown seems feasible. However, after speaking to the neighbors, found out that there is an HOA which was not originally disclosed. This throws my payment off by $25. How can I have my filed reviewed for an exception of 43%? I asked but my MC is not responding. Any advice?

    #46799

    JHarris981
    Member

    @25andwise I’m not sure you’ll be granted that. NACA’s rule is that your DITI can’t be over 40% of your gross income. Maybe @ttrumble can tell you if there’s the possibility of an exception to the rule. The other option would be to buy down a bit more, which decreases your monthly payment, so that you would not exceed your PITI.

    #46803

    25andwise
    Member

    Thankk you so much for responding again. I have really tried to save this one. We just terminated. Any idea of ho to request a new counselor? I began the process remotely, is there a way to go back to that option.

    #46811

    TTrumble
    Member

    Hello 25andwise,

    Sorry you lost the deal. It is only under truly exceptional ciorcumstances that a DTI ratio over 40% will be considered. A previously undisclosed HOA, especially one as low as $25 per month, would not have been grounds for an exception.

    Asking for a new counselor, especially at this stage of the process will do you far more harm than good, and probably won’t be allowed anyway since you will be working with your Closing Coordinator as your primary point of contact once your bank application has been submitted.

    Don’t forget that if you are having trouble reaching your counselor, you can always call NACA Member Services at 425-602-6222 for help.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 1 week, 2 days ago by  TTrumble.
    #46852

    25andwise
    Member

    Thanks Tim. Unfortunately every time I call that number, I’m simply referred back to my MC.

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