Loan officer messed up?

[Benjamin Greene]

Hey guys I'm not sure how to handle this situation. Monday I'm closing on my first rental property. I'll be profiting $1000 each month after expenses. I'm super excited. The problem comes with the rental property my spouse is buying. We just had the appraisal done and our loan officer is telling us she doesnt qualify for the house due to her vehicle lease. Why is this coming up now? (Maybe because the loan application was submitted and the underwriters brought up the issue) we already did the inspection and appraisal so that will be money lost. The only option we have to make the deal go through is to turn in the car and pay the remaining payments plus lease termination fee. This is not an option for her.

I dont want to blame anyone I just want to correct the issue and get the deal done.

Any ideas?

[Wayne Brooks]

Happens all the time.....your loan officer does a sloppy job, or You don't supply All relevant info....in the end when reality surfaces, you get denied. There is no saving it now, if her DTI is too high. On the other hand......Is the loan officer counting the expected rental income?