Forum Replies Created
BANK OF AMERICA, N.A. ISAOA ATIMA
P.O. Box 961291
Fort Worth, TX 76161
The fee might be waived if the certificate of completion is provided within 10 days of a loan approval. I’m probably butchering the timeline but the per diem is generally applied to buyers having difficulty securing financing. Especially with a not yet built house if there’s a delay it’s almost always due to things outside of your control.
I know it’s easier said than done and I would probably do whatever is necessary to get that house myself but I wonder what would happen if instead of signing you declined and walked away. Would they sweeten the deal? Not suggesting you do that. Just curious.
Quite often conditions pop up for internal purposes. They are not for you. They are for the MCs and the underwriters. Your file will probably sit pending incomplete until December. Underwriting cannot be completed until the final appraisal is done when the house reaches 90% completion. You can simply email your MC and ask if there is anything you can do to help push your file along but chances are you are in the no news is good news phase.
There was a positive covid test among an employee in the hand department about2 weeks ago. All hand employees were immediately sent home. At the time hand did not have the equipment or the ability to work from home. IT was able to get employees computers and set up to work from home with limited resources. They are still at home and not at full capacity but are working.
Your MC will let you know. You won’t even get qualified without mrf let alone getting to credit access. If for some reason you dip below your mrf before you get to credit access you can risk losing your qualification.
Ideally you would have the buy down funds prior to making an offer. If you don’t that’s ok. Your MC will tell say you can’t afford the house based on the last time they reviewed your file. They may or may not issue you a psl until you can prove you have the money. If they do then that’s as far as you get and won’t be submitted for underwriting until you do.
Long story short don’t make an offer if the buy down is not readily available.
Payment shock doesn’t factor into increasing affordability here. It’s pretty simple. If the minimum balance on your 3 cards combined was reduced by $127 or more then you will be approved for a monthly payment that is $127 higher or 31% of your gross income whichever is less. It also shouldn’t take any longer than any other submission to underwriting.
One thing to consider is buy down. $127/month can potentially be a lot of money in buy down but especially if you get seller help which is very common buying down your interest is one way to get your house even if you aren’t approved for an increase…$127 might take 3-5 points in buydown which is often easy enough for the seller to provide. Just a thought.
- This reply was modified 13 hours, 6 minutes ago by Nelsont.
Do you have a clear idea why you are getting a DTI problem now? It seems to me a mistake or a change of circumstance would be the only things that get a DTI denial this late in the process.
If your EMD is 1% then $20000 wouldn’t buy down 10 points. It would buy down 5 points with $10000 going to principle reduction. To me, if you needed to buy down 10 points with that 20000 in order to make the house affordable then that is likely where problem is because as of this year the FHFA caps interest buy down to 5 points from borrowers funds and 10 from sellers. But if that is what’s going on your MC shouldn’t have let you sign the bank app.
This is bad news and is inconsistent with expectations. Without knowing exactly what was asked or what was said this leads me to believe there is something lost in translation.
Other way around.
Your mrf includes an estimated emd.
Try using internet explorer and see if that works. The naca website is optimized for the outdated IE. Anything newer or more popular will have more issues.
And when you reach out don’t call you almost certainly will not get a response. Email only. And once or twice per week at best. Be polite be direct clear and concise.
If you still don’t get a response call your local office Administrator at the main line and ask if someone can help. You can also call the mortgage processing department which is different from member services. The number is listed on the naca website.
Chances are you will be contacted when you need to be. A closing disclosure is awesome news but just the beginning of the end as the bank still needs to get the voice verification of employment before they issue clear to close then the final closing disclosure which may be different with a different closing date than the one currently in your file then finally they will issue the final clear to close.
All of them often take place in the same day and might occur a week or so after the initial closing disclosure with absolutely no communication in between. The communication will not be a webfile status most likely. It will probably be a 1 sentence email.
All of this is to say this is the most nerve wracking part. You got it. 🙂
You will be in mortgage process until you close.
Conditions can take a week or 3 weeks or 2 days to pop up. There’s no timeline. It depends on your unique situation, the judgment of the underwriter, the county, the appraiser, etc.
The webfile generator doesn’t work for buy down at all. It’s a system check to make sure your MC reviews your file. You might be able to afford the house without buying down but there’s no guarantee you had those funds available the last time your file was reviewed. Having those funds prior to making an offer is a requirement so if you plan on using a gift or transfering from another account or using 401k or simply using your savings which accumulated significantly since your last meeting your MC will say you don’t have the funds available to do what you want to do. This isn’t a problem though because once they see you have it you’re good. The software is just programmed to block a psl including buy down without your MC signing off on it.
You say the bank approval comes through after credit access. The idea is that credit access is what gets you the loan. You aren’t supposed to sign the loan application until you’re virtually approved so bank of America essentially just goes through the motions.
July 11, 2020 at 1:33 pm in reply to: P&S Contract Payment Specs Updated per COVID-Times #70301
- This reply was modified 2 days, 10 hours ago by Nelsont.
Sure. Naca was not my first home purchase. I had purchased 2 homes prior so I was already familiar with the home buying process and what would be expected of me in general. When I found out about naca I read up on it and had a relatively good idea of what to expect before I attended the workshop. I’ll admit I was skeptical even after the workshop and up until my first intake session. From there I treated the situation like I was a student and couldn’t just coast through the process. I was an active volunteer at workshops both speaking to my experience thus far and listening to others to soak up as much information as I could. Then of course I started paying attention to this forum which is a phenomenal resource to get information you might not otherwise be able to get.
I will say there are plenty of members active on this forum who are very knowledgeable about the naca process. And many others who share their experiences without which many of us would be left in the dark. Every member has a unique set of circumstances which makes it impossible to hold a finite timeline for everyone. Just make sure you are an advocate for yourself and pay attention to what you read and what you hear. Naca is not for everyone. But If naca turns out to be the right path for you then you will get a house in due time.
If you don’t need it to buy the house you want then wait until after you buy the house. Otherwise a LOE should be fine.
That’s not how I am reading the map. Looking at the legend there are 4 colors and each color corresponds to a given range. If you zoom in on the map and scroll over each individual county you will see the exact amount for that county.
EVERY county in the DC MSA is dark orange which equals “Exactly $765,600”. The light orange legend is for counties ranging from “$530,001 to $765,000” and EVERY light orange county in Virginia is either a DC exurb or officially part of the Norfolk-Va Beach or Richmond (?) MSA.
In that case there should be no confusion as I see it. Each county only has 1 figure (again the color can be a range but the county cannot). If you are trying purchase in the official DC MSA the limit is exactly 765600.
Now for example if you were in Caroline and trying to purchase in Stafford it is possible you are crossing MSAs and maybe that’s where the confusion lies because you were not qualified in the MSA in which stafford is in.
I really don’t know I’m just guessing here but, based on what I have been reading on this forum, this is a FHFA federal regulation and as @ttrumble mentions the banks do not get to choose whether to apply it or not. There really is no reason I can think of why the DC office would choose to not follow the law unless as I mentioned you are trying to purchase in a MSA you were not qualified in.