The processor and I finally connected about 5:30 this evening. I will upload a scan of the terms of the HELOC in the morning so she can run figures as if we have maxed out that LOC at the maximum APR that it could ever have and then send that to the underwriter as a monthly recurring debt obligation. Even if we did that, our debt ratio would still be well within underwriting guidelines.
(It turns out the underwriter is new, which is apparently part of the problem. Our processor is about ready to complain to her supervisor about this particular underwriter.)
BTW, our processor thinks the underwriter is being stupid, too. For one, she said that they (none of them) can require us to pay off this debt or that debt or close this credit card, etc., so she doesn't even understand why the underwriter is insistent that this HELOC be closed or the lien released from this property. They cannot require any specific thing of us - if they wanted to us to improve our debt ratio, they could say, "you need to improve your debt ratio" - but they could not insist that it be improved in any particular way!
Quote from the processor: "I don't understand her reasoning as it will not have any bearing on this loan".
This may escalate to the CU to pick us up as an "unsaleable" if the underwriter won't approve our loan. All that means is that the CU will have our loan on their balance sheet for the life of the loan and we wouldn't be bundled up and sold on the street. Neither our processor nor I believe that the CU would decline to take our loan.
Our processor said we will make our close date of 2/16 one way or the other. Yay!
Of course, the plumbing repairs still need to be made at 5127 and the house still needs to be de-winterized so that we can get the plumbing (water lines only) re-inspected. Starting on Saturday, we should have decent weather through the day we close.
We're almost there. Almost. We can almost feel the bathroom that isn't 20-30 degrees colder than the rest of the house when it's freezing outside. :)
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