Mortgage Broker has me worried

[Isaiah Wily]

Hello, 

After going through all the pre qualifications and being told I could offer an amount on a property, my Mortgage broker is now saying I need to show more income. I’m worried because we are a week out from closing and I might not be able to close. We are in a competitive market so winning the offer was a huge step. 

He's using DSCR for this loan and the appraisal just came in over asking price (which is bitter sweet because i can't refinance for 3 years using the this loan program). What are some options for me if for some reason he says I can't close with the bank statements I've provided to him? Private Lender? Hard money?

Thanks!

Isaiah

[Jay Hurst]

Quote from @Isaiah Wily:

Hello, 

After going through all the pre qualifications and being told I could offer an amount on a property, my Mortgage broker is now saying I need to show more income. I’m worried because we are a week out from closing and I might not be able to close. We are in a competitive market so winning the offer was a huge step. 

He's using DSCR for this loan and the appraisal just came in over asking price (which is bitter sweet because i can't refinance for 3 years using the this loan program). What are some options for me if for some reason he says I can't close with the bank statements I've provided to him? Private Lender? Hard money?

Thanks!

Isaiah

I guess I do not understand.  You are stating you are using a DCSR (debt service coverage ratio) for the loan which ONLY looks at the rental income of the property NOT your personal income, but then you say your LO says you need more income.  Is he saying the 1007 market rent schedule on the appraisal did not come on high enough to cover the total payment (including taxes/insurance/hoa)?