BOA .5% Grant Deadline

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  • #62480
    tricey718
    Member

    Im currently in the Mortgage Processing phase and Im worried if I would close in time. Is it correct that your loan must close by 12/31 to take advantage of the .5% BOA grant?

    I submitted my bank application on 11/15 and Im waiting to hear about my conditions.

    #62483
    frankysmom
    Member

    I have heard the same. Supposedly there will be another grant in the works for 2020 but who knows if it will be better terms. This one started as a 1% deduction and within a few months bought down to half a point.

    #62484
    Nelsont
    Member

    46 days from bank app to close should be enough time. Don’t panic yet.

    #62487
    tricey718
    Member

    @Nelsont Thanks! Just saw my status change to Pre-Decision, I guess they are reviewing it now.

    #62510
    Peapod0609
    Member

    @tricey718 that leaves you a good bit of time to close before the end of the year. I wouldn’t worry about that at all just yet.

    Pre-Decision means that yes, they are looking at your file, pulling your credit and pouring over all of your information. In the next few days, expect some lender conditions in your web file. Try to address those immediately. Once you do get some conditions, I suggest calling the mortgage processing department, 714-822-6222. They can really help you get through the closing process. If you don’t get any lender conditions by Monday or so, I would call them up and just ask them the status of your file. They can ask the bank for updates and were essential for me to keep my file moving along the way it should.

    For what it is worth, I posted my timeline here if you want to see how long everything took, and other members have done the same. I signed bank app 10/21, received first conditions 10/28 (had to call mortgage department as I couldn’t see the conditions in my web file, just knew that my status said there were conditions), got the CTC final on 11/07 and closed on 11/15.

    http://forums.naca.com/?topic=naca-graduates-come-share-your-success-story#post-62248

    • This reply was modified 1 year, 1 month ago by Peapod0609.
    #62553
    tricey718
    Member

    Thanks @PeaPod0609

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