We were working with MyVeteransUnited and received some bad information. We found a home we really liked and thought the earnest money would be $1,000, but it turned out to be $5,000. They said it was okay to take out a personal loan for $3,000 to cover the difference so the check wouldn’t bounce. We did that but then switched lenders (beware of MyVeteransUnited!). The new lender got us preapproved and provisionally approved. I just need to submit the required paperwork and we’re good to go. She sees the loan funds for the earnest money, and I was honest about the situation. We have a relatively large income, but not a lot of savings because we’ve been paying off debt. If we had known this house would be on the market, we would have been more prepared. But here we are. The lender told me not to stress, but I want to know how she will fix this. The check has cleared, and we now have $6,000 in our checking account—could that be why she’s not worried? My question is, how do I fix this mess I’ve created? Thanks!
The lender will include the payment for your personal loan in your debt-to-income ratio. If you still qualify, you’ll be fine (assuming no other issues with your qualifications). MyVeteransUnited and other call centers usually aren’t the best, for several reasons.
@Fin
Yes, I learned that the hard way. Lol. My sister-in-law had a bad experience with them too. I’m glad I found someone local to help us. Thanks for the info!
They will include the payment in the debt-to-income ratios.
Cody said:
They will include the payment in the debt-to-income ratios.
So the payment for the personal loan will be included in the debt-to-income ratio?
Cody said:
They will include the payment in the debt-to-income ratios.
So the payment for the personal loan will be included in the debt-to-income ratio?
Yes.
@Cody
Thank you!!