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If there’s no HOA, there’s no HOA. I don’t see why that would be an issue. Just like if property taxes changed, that would change after the loan is issued, so isn’t part of this process.April 6, 2020 at 4:16 pm in reply to: Has there been any update from BOA on mortgage process since Covid-19? #66797
There are quite a few other threads where people are clearly showing BOA is still processing, as well as reassurance from Tim on the subject. Everyone is still working to help us get our homes.April 5, 2020 at 11:20 am in reply to: Will applying for unemployment due to COVID affect qualification #66775
You should also withdraw that offer. You won’t be able to proceed if you are unemployed.April 2, 2020 at 10:29 pm in reply to: How is income calculated when bonuses vary by quarter? #66712
I get about 50% of my compensation from Commission and Bonuses, and 50% from base salary. In my case, they used my last year’s average earnings, counting only Commission and Salary, to make the most conservative estimate and I had to continue to show that my current earnings continued to be at the same level during the Qualification process.
I was on hold and just went from caller number 1 in line to caller number 39 in line. Yikes. >.>
Thanks, Tim, for that very in-depth response. That is all super important. I am definitely nervous with COVID19, but the practical issue here for me is that our Payroll guy is.. a little tough to work with sometimes. Since we’re all working from home now and I can’t walk down the hall to press him on things, I want to be sure I’m on top of this and he takes the call from home!
Why do you believe you aren’t closing in 2 days if everything is done? It’s been said many times on this forum that final CTC doesn’t come until the night before, or in one case, the morning-of. Are there more steps in your process, or is that all you’re waiting for?
So close! Good luck!
Congratulations! I’m glad to hear you’re settled and in a better position now than you may have been.
Did you still go to closing in person, or did they do it remotely in light of the circumstances?
And when did your final VVOE happen?
We’re exactly 30 days out from closing now, and have our commitment letter, but I’m pretty well terrified.
Yep, absolutely. We were there twice, for weeks each time with little communication.March 25, 2020 at 4:19 pm in reply to: What to Expect With Conditions During Mortgage Process #66522
Thanks, Tim! As of now, I’m still working and part of an essential industry as is my co-buyer (food supply chain) so hopefully nothing changes in the near future. Our MC has really undermined by faith in communication, unfortunately, but I’ll do my best to keep checking to a minimum.March 23, 2020 at 2:58 pm in reply to: Non-priority member looking to purchase in 99.8% median census tract #66462
1) 100% is 100%, there’s no room for rounding in either direction, so under 100% is under 100%.
2) I believe once you are approved for a specific property, that’s when they stop checking for this – but someone else may be able to give you a better answer.
3) When you receive your loan estimate, which is when you upload your P&S agreement.
4) It must be in your account when Credit Access is done, I believe, since that is when the loan estimate with buydown appears as I recall. Again, someone may have a more thorough answer. We used another lender to secure our new construction while going through the NACA process, so Credit Access came much closer to the purchase than you are talking about.March 20, 2020 at 7:31 pm in reply to: Condition *SUSPENSE* Identity Alert- Non Residential Address #66436
We found the discrepancy, but my MC has not gotten back to us, neither has the office manager. The Processing department was super helpful, though. I considered writing an LOE,so I will do that.
If you will both own the house, you both count your total housing payment together – ie your mortgage and his rent. If this exceeds your qualification amount, you’ll likely be asked to still save $200/month on top of that. Depending on the outcome of your home sale, you may end up with far more cash to close than you need – but it doesn’t count until it’s in the bank, and it doesn’t count toward payment shock.
No, because the mistake isn’t in our credit file. It’s just on this report. We need them to correct and reissue the report. Because the report is filed under an imaginary address, we can’t prove we live there, and they can’t reissue the report without us proving we live there. It’s unsolvable unless Equifax understands their own mistake. Hopefully the Mortgage Processing Department can help tomorrow. They were already closed by the time we spent two hours on the phone with Equifax.