Odds of Getting Through Underwriting

[Cody Godfrey]

Hey Everyone!

I have a 2 unit I'm currently under contract on. The loan is now in the underwriting stage and my nerves are all over the place. I'm hoping to get some reassurance or input regarding the likelihood of my deal getting approved by an underwriter. The property should produce north of $1,000 cash flow after I move out of it.

Purchase price is $299,100 with 3% seller assistance. I'm using a local portfolio lender who is offering 5% down and 3.5% interest but I have to use a 7/1 ARM loan. The loan originator seems to think everything will be okay but, I'm still extremely stressed out. In your experience what percentage of deals get through under writing?

This is my 3rd property and I'll be owner occupying it. My DTI ratio for my pre approval was 43% and I believe they want it to be under 45%. Our credit scores are in the mid 700's so I don't see that being an issue.

Any input is greatly appreciated!!