Financing challenges

[Serdar Umur]

My wife & I are just about to close on our second property and found out from the bank (Chase) 4 days before the closing date that their calculations for our DTI ratio are not within their comfort zone. We both work in sales and they refuse to factor in any of our commissions (which is about 30% of our income ) even though they've been consistent for years. We are also keeping our current home as a rental property but since we don't have rental history they didn't want to count that either. Now, at the 11th hour they are telling us they are willing to consider the rental income but need to get our place appraised. The other option they gave us is to put down another $12k to lower our loan amount so we can either do that or take the risk of waiting for the appraisal to come through to see if the underwriter will agree to include that rental income for our DTI ratio. We already know that we are going to miss our original closing date which is tomorrow. We have a cushion of 5 more business days in our contract with the seller but that could slip through our fingers quickly. We started working with Chase 3 months ago and have given them every little nitty gritty detail and document that they have asked for so it's extremely aggravating that they waited until the last minute to tell us this info. We told them that we would give them the extra down payment ONLY if they could make our original close date happen but now that that's not possible I don't want to give them any more money. However we don't want to lose the property either since we've already rented out our place and are moving cross country today with no place to live now. Do any of you have any thoughts on this? The appraiser came to our place yesterday but I don't know how long it will take to turn that paperwork around. Do we wait it out on the appraisal or just pony up the extra dough to make to process go faster and make sure we close within the five day cushion? In situations like this how likely is it that the seller would give us more time versus pulling the plug on the whole thing? PS - don't ever use Chase. They are an evil empire!!!