Help Mortgage Qualification
I am out of ressources to find a solution or to convince the bank.
I recently divorced and i'm keeping the house.
I have no debts except mortgage which is 285 000$
The bank says my gross debt service ratio is too high so they don't want to qualify me for the mortgage.
The cost of my mortgage + interest + taxes + heating = 1990$ (mortgage alone is 1411$)
My gross income is 71 000$ / 12 = 5916$ monthly
GDS and TDS Ratio = 33.64% (same ratio because no debts other than mortgage)
My credit score is 802 and I never missed a payment in my life (14 years of credit)
The lender is First National.
If I sell the house now I would have a 27 000$ penalty because we signed a 5 years fixed about 8 months ago...
My plan is to keep the house 52 months and then sell it without penalty and take the cash to buy a smaller house.
Isn't it abusive to refuse to lend me with a 33.64% ratio and excellent credit report?
Please need some help and advice