We preapproved at $180,000 back in November of 2009 when we started the process on our short sale. Since then, I've stepped down to another position in my company and our new amount was $140-$145,000, but the lender based this on me working 40 hours a week. Since it is our slow season, I have only been averaging about 35 hours a week. The final accepted offer on the home is $145,000 and the seller is paying 3% closing costs. Our gross income for the month is approximately $3000 per month. We have $325/month payments for car, student loan, and minimum credit card payments. Taxes on the home is about $2500.00 annually, there is no HOA, and insurance is looking like $1000 annual premium.
Based on our calculations of the percentage recently advised to us (41% debt to income), we do not approve for the amount we were preapproved for. I'm horribly worried that we won't actually approve for the loan we were preapproved for.
Also, here at the last week of March, we
have asked how long it may take for our loan to be approved or not, we have gotten all different answers. The lender says it will take 2 weeks for underwriting and then has to go to Chase to be approved by USDA, then she says we should be able to close by April 8th (a week and a half away), then she said the whole process can take 45 - 60 days, but only locked our rate in until April 29th (30 days away).
I feel it's too late to change lenders at this point, but I don't know what to expect. We have already signed our lease termination based on her original information of us being able to close the second week of April (our lease ends April 15th), but now we're worried we could be homeless until May or longer. On top of this, the USDA will apparently be out of funds by the end of April!
Any kind of consistant input would be helpful at this point. Thank you all so much!