Accountant · Chicago, IL · Member since 2019 · 32 posts · 7 votes
Hi,
I am in the process of closing on a property and my lender informed me that my debt to income ratio may be too high. I live with roommates and in total our rent is $3600/month. My portion of the rent is $900. It sounds like he is going to use the $3600 amount. Is there anything I can do to fix this so that the deal goes through?
I am in the process of closing on a property and my lender informed me that my debt to income ratio may be too high. I live with roommates and in total our rent is $3600/month. My portion of the rent is $900. It sounds like he is going to use the $3600 amount. Is there anything I can do to fix this so that the deal goes through?
Thanks,
Bret
This doesn't make sense. The lease is not debt and when you buy a house, the lease expense goes away. I know some lenders verify lease payment amount and history (I have been called), but it seems in that case validating a bigger number would actually be to your advantage.