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Mom30Nurse

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Chances of getting a mortgage with Wells Fargo
My husband and I just sold our home and are in the process of buying a new home in the country for our horses. We previously had our mortage through wells Fargo but the home we are buying is double in price . We lived there about 6 years, never missed a payment and never had a late payment . We orginally were using quicken loans for the new purchase as the interest rates were unbeatable ! We received a bank commitment and 2 weeks before closing themail underwritter says your debt to income ratio is to high ?! They knew our income upfront ! My husband is the only one working as I am a stay at home mom, but besides student loans and car payments we have no other debts . We quickly switched to Wells Fargo even though their interest rate is .65% higher and it seems to bensure going well. We are still waiting to here back on theach conditional approval based on our information sent . We were informed they are doing an appraisal this week , but nothing else was mentioned besides we don't need anything else.

How long does it take to get an conditional approval ?
Is a debt to income ratio of 43 to 48% really all that horrible when your credit score is close to 800 ?
Will Wells Fargo consider our past experience with them and our mortage history along with perfect credit score vs a DTI ratio being a little high ?

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Top Contributor
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It's up to Wells Fargo to decide, most loans should take no more than 30 days for approval. Your debt to income ration is terrible. That just means that you have little cash budget wise to really get yourself out of a jam. Your high credit score just means that you guys are great at paying back your debt. From an investment perspective, most banks would want you to have as much free cash as possible in your monthly budget, to them this means that you are able to weather the storm God forbid some hardship come your way. If they give you a hard time; try to save up an emergency fund of at least $1,000 for unforseen circumstances, to prove you guys are prepaired for anything.

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