All Forum Posts by: D'Andre B.

Try Wright Patt Credit Union. located in Cincinnati/Dayton areas. May have a footprint in Columbus as well.

Albert this deal is not a primary residence...it's an investment property. 30 year fixed with an interest rate of 4.75% ..

This particular credit union also offers 5% conventional loans for a primary residence.

thanks for the response Chris, I was in total shock when this came to light. I took it personal for a second and thought the bank was trying to keep me from getting a loan. 

Maybe we can make this software...pretty sure we can find some freelance coders  lol

update.....my lender us the clear to close yesterday. During this recent discovery phase where they kept asking for more docs, I learned that they were incorrectly calculating my debt to income ratio....they had mine at 44.5% and the max for the loan/lender was 45%. 

My DTI number was actually more around the 32% 33% area. The lender said it was a computer glitch/typo that caused this. This error ultimately had major implications because I would have looked at higher valued homes in different areas...this mistake also almost caused me to be denied the financing on the deal I found within the loan limit they set for me based on this incorrect DTI ratio.

Long story short always double check the lenders calculations.

Nonetheless I'm grateful that I'm able to move forward on this rental property. There is a plus, basically this let's me know I still have room to finance another property in the 40-50k range.

thanks Montrell, I totally agree with repairing credit, paying down debt , and saving. A lender once told me that car loans that have  only 10 payments remaining don't actually get counted in the debt to income ratio.  Maybe you could apply that last 10-12  months of remaining payments on a down payment. Instead of waiting for the car to be completely paid off. Just a suggestion.

Can anyone else verify this?

My loan officer apologized and stated they should have asked for this a lot sooner.....

It is and investor loan. i'd check fannie mae guidelines to get more information. I stumbled across this fact a while back on another post somewhere but i can't remember. Thanks

Hi Jeff, Yes wpcu agreed to 15% this was a fannie guidleine i believe, the number changed when I wanted to get into multi family rentals (20-25% down payment),I'm still getting a feel for the decent areas, I hope to have my next deal in oakly, hyde park, or kenwood. might take some serious cash though. 

Thanks Jeff, that really helps me look at the situation differently. I've already decided to just sent it to not further impede my end goal of acquiring the property.  I was afraid they would use it to possibly inflate their fee structure...basically "if he paid x amount before why can't we charge him x amount again or higher" maybe this irrational but I don't see how they could possibly benefit or approve my loan based on an old closing disclosure from another transaction. 

Thanks David, I should have been more clear. 

I'm trying to close on a SFR with the credit union. 6 months ago I purchased my first home using an FHA loan using a different lender. The credit union now is asking to see the closing disclosure from my first home purchase which escapes me because this has nothing to do with anything regarding the SFR i'm now acquiring.