Underwritting denied my loan

[Farida Mostajabi]

I was going to close 3 deals in two weeks to rent out. I was pre-approved for all 3, but underwriting denied me today. They did not provide much detail except that the depth to income ratio is the cause. I definitely want to fight to make the deals happen. 

I live in Cincinnati and the loan I applied for was conventional. I appreicate your guidance as I am navigating my options at this point. 

[Shaun Weekes]

Originally posted by @Farida Mostajabi:

Originally posted by @Shaun Weekes:

Originally posted by @Farida Mostajabi:

I was going to close 3 deals in two weeks to rent out. I was pre-approved for all 3, but underwriting denied me today. They did not provide much detail except that the depth to income ratio is the cause. I definitely want to fight to make the deals happen. 

I live in Cincinnati and the loan I applied for was conventional. I appreicate your guidance as I am navigating my options at this point. 

 Are you currently a home owner?

Do the 3 homes have leases?

How much are you putting down and how much do you have in reserves?

I am a homeowner and I own multiple rental properties with good cash flow. I am putting 25% down.

Since you're a homeowner and have multiple properties it will all come down to your Sch E and couple with your work income and other debts. Your loan officer should have been able to do these calculations before the UW did. I would ask your Loan Officer to let you know why his or her calculations didn't match the UW's. Then have a loan officer that has experience go over your taxes and advise you.