November 28, 2018 at 11:02 am #46611
I plan to attend the ATD event this weekend to get approved for a higher amount. I have been approved since October but I haven’t been able to find anything in my current price range. I have saved well beyond my PS since July (I was granted an exception for September because of a new job I started).
So my question is what paperwork do I need to bring to the event? And since I’m just going for an increase how important is it that I get there early?
Any advice would be appreciated!
ThanksNovember 28, 2018 at 3:01 pm #46615
just take the usual, bank statements, credit card statements, paystubs, letter of explanation for deposits to your bank accounts other than your salary. Also, try to get approved for a PITI (monthly payment including taxes, insurance and HOA) of 31% of your monthly gross income, that’s the maximum they would approve you for, if you have been saving the payment shock in order to get approved for that, you should not have an issue. I don’t think it makes a difference at what time you get there related with the fact that you are looking for an increase, just don’t wait for the last day of the event to go because if for some reason you don’t have something they need, you may go back the next day.November 28, 2018 at 3:45 pm #46617
Thanks. I wanted to try and get qualified for 31% of my income but looking back I don’t think I saved that much monthly. I will certainly try though.
Regarding the time that I show up, it’s 3 hours away I was going to leave at 5 am to make SURE I was one of the first in line but I take it I don’t need to go to that extreme. I’m just not sure how organized or fast these events are and it makes me so nervous.
Did you ever attend one?November 28, 2018 at 4:05 pm #46618
I attended two of them, contact @TTrumble and see if he can connect you to the right personnel to help you increasing your qualification since you are not starting the process from scratch.November 29, 2018 at 9:45 am #46623
Oh good idea! Thank you. I will wait for him to respond here or email him.November 29, 2018 at 4:05 pm #46626TTrumbleMember
There are several ways to get your appoval amount increased. However the one that will be most effective bar far will be to eliminate the specific limiting fact that prevented you from being approved for 31% of your gross income. While Payment Shock can potentially be a factor, if you have a significant amount of other debt, the monthly payments on that debt may be what is holding you back.
Remember, while 31% is the maximum allowable mortgage payment, you may not have TOTAL debt of more that 40%. So if your other debts take up more than 9% of your gross income, that could be what holds you back as the higher that number is, the lower your mortgage affordability gets.
Also, buying down your interest rate is a very good way to increase your maximum mortgage amount without increasing your payment. Since less of each payment goes to pay interest, more is available to go to principal which in turn increases the total mortgage amount.
Online Operations, NACA
firstname.lastname@example.orgNovember 29, 2018 at 4:40 pm #46629
Thanks @ttrumble for the feedback!
I don’t have any additional funds for the buydown outside of what I have already budgeted and my limiting factor isn’t my income or debt. Instead of approving me for my highest payment shock amount my MC just approved me for what I initially requested. I want to increase this amount as its within my affordability, and based on the market and the area I want to live in, I definitely need to increase.
Any tips for attending the ATD and getting this done as smoothly as possible?
Thanks!November 29, 2018 at 5:37 pm #46630
that’s a mistake I made too, in the intake with my MC, he asked me how much I wanted my monthly payment to be, I just said a number and that’s the amount I got initially approved for but it could have been higher, shoot for the 31% at the eventNovember 30, 2018 at 9:12 am #46648
Thanks @southflorida I think that’s what I’m going to shoot for. I haven’t saved that amount but I’ll see what they say. Should I go straight to Underwriting when I get to the event? I’m still lost as to what I should be doing when I arrive.November 30, 2018 at 10:38 am #46656
If I were you, I would ask for Tim, I think he is the person that can guide you the best once you are there
- You must be logged in to reply to this topic.