ATD event preparation

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  • #64823
    Homeowner2020
    Participant

    After my previous post and concerns about relocating to Georgia and the great information I received, I’ve decided that I will be going to the ATD event in Atlanta in March instead of waiting for my first appointment in New Jersey. I plan on going Saturday morning and staying until Monday just in case I have to come back another day.

    I’ve seen so many people say that they flew to a different state for the ATD event in order to get preapproved. My question is if i get preapproved can I get the approval for the state of Georgia and then move there prior to beginning the search for homes or would it not be possible until I show paystubs in that state?

    Also does anyone have any advice for me when it comes to MRF and saving, because I haven’t had my initial appointment I don’t know what amount that would be. What would be a reasonable amount to have in my account by the event in March for MRF? (I have also been saving $200 monthly as payment shock). I currently pay $1300 in rent (and don’t want to pay more than that in mortgage) but I’ve been saving the extra $200 just in case.

    #64825
    Nelsont
    Member

    It is always advisable to live where you are looking for a house.

    Location of work doesn’t matter. It’s the amount and consistency.

    Take your annual gross income. Divide by 12. That’s obviously your monthly gross income. 40% of that is the max you are allowed monthly payment plus debt. The breakdown is 9% debt and 31% monthly payment. For every percent of debt over 9 your monthly payment amount goes down. The 2 have to equal 40 max. Your payment shock is that monthly payment minus your current rent. For most people it’s 31% of your gross income minus rent.

    #64827
    Homeowner2020
    Participant

    I understand that I have to live in Georgia I just have not relocated yet and will not be able to relocate by March. But I would like to know if I could still get preapproved to purchase in Georgia at the event and then relocate after the event. I’ve been reading on the forums that you have to show 30 days of pay stubs in the state you want to buy in so I just want clarification if that has to be before initial qualification or before the bank application process.

    #64829
    Nelsont
    Member

    Yes.

    I am not sure though 30 days is not a lot and it’s a small price to pay if it means the difference between buying a house and not.

    I wonder how it works for people in MSAs like Kansas city DC nyc and Chicago where the city is on the state border and living and working in different states is common.

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