Guys I thank you for the personal advice but not needed at this time. I can defenitely afford the house as my monthy mortgage payments with insurance included would be actually cheaper than apartments renting in my area. As I budget my monthly expenses each month, note I have never had a late payment ever, I'm frugal with my money, meaning I don't go out and buy clothes, I don't smoke drink, party, or take vacations. I'd rather have a house to live in and a car to drive. Being that I do not have a co borrower and it is entirely my own income, $6k which calculates to $500 a month is a lot of income. Subtract $500 from your monthly DTI and I'll probably say you can't afford your house either. I appreciate the comments. My Broker is working on this. I'll report back later. Thanks.

This post was edited on 4/7/16 at 8:51 am

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

37167 posts

Posted on 4/7/16 at 10:26 am to sdedwar2

If the business closed in 2015, and you can show that it actually did, with documentation such as closing bank account, any documents filed with the state showing the company is shut down, etc, provide that to the underwriter. Basically you are wanting to show that the 6K loss will not happen in the future.

If you can give assurance that this is not a recurring thing, a good underwriter should be able to work through this.

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Posted by JamalSanders

On a boat

Member since Jul 2015

12135 posts

Posted on 4/7/16 at 10:34 am to sdedwar2

I'm not saying you cannot handle your money and that you are irresponsible, because nothing in your OP indicates that. I was merely speculating that $6k on a house isn't a huge amount of money. I can easily afford my rent if my income dropped $500 as my rent is less than 10% of my monthly income, but this thread isn't about me. You just seemed overly worried about what amounts to nothing in regards to your mortgage. And when people are worried about it that much it signals financial issues.

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Posted by Golfer

Member since Nov 2005

75052 posts

Posted on 4/7/16 at 1:58 pm to sdedwar2