Not Qualified – Need Assistance

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  • #76085
    AndrewMartin1906
    Participant

    Hi All,

    I received word back that I was not approved and the conditions were the following

    Provide documentation on how you calculated the affordability PITI.

    What documents do I need to provide to clear up this condition?

    Thanks for the assistance

    #76087
    Nelsont
    Member

    Your MC will help you out. Without further details it could be any number of reasons including income, debt, overtime, bonuses, bank transactions or a combination.

    It sounds to me like essentially there is something being included or excluded that maybe shouldn’t be.

    Basically you would need to show your piti is 31% or less of your base income without overtime or bonuses and your debt is 9% or less of your base income without overtime or bonuses.

    If your current rent is higher than 31% your piti can go up to 33% only if your debt is 7% or less.

    Overtime, bonuses and supplemental income are not counted by default. They can be but only under certain circumstances.

    Hopefully this points you in the right direction.

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