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Have been under contract for a new home since last June, to be completed in late May. Are we screwed for getting a mortgage?

Here’s our stats:

Married, both employed as essential employees.

Our combo credit of 745. DTI is about 40% we are putting down $120k on the house which we are under contract for $298k.

I can’t use the $120k to bring down the DTI due to the money having come from the sale of another home. I do worry that because of COVID and tighter mortgage restrictions we won’t qualify with our high DTI.

We were previously underwritten, but I’m uncertain if this is even valid anymore.

Let me know if we are S.O.L or have a fighting chance. Thanks!

submitted by /u/ivmeow
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source https://www.reddit.com/r/RealEstate/comments/fstelw/have_been_under_contract_for_a_new_home_since/
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