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Tagged: Conditions, purchase program
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
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.