Buydown timing question

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Viewing 5 posts - 1 through 5 (of 5 total)
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  • #65903
    NACA_Dreamer2020
    Participant

    We already know that we are buying down a certain amount and have those funds already available, BUT we are getting more money that is not yet available (401k withdrawal). I know that people have been denied credit access for not having all of the stated funds available. My question is if we put down what we currently have available, is it possible to change the amount for buydown after credit access or are we then locked in and unable to change?

    #65904
    Nelsont
    Member

    I think you are locked in. I could be wrong but as I understand it any significant changes not communicated to bank of America at the bank app stage causes a loan denial or a complete start over of underwriting.

    #65905
    NACA_Dreamer2020
    Participant

    That does make sense. Thank you! We are at credit access stage vs bank application if that makes any difference at all.

    #65907
    Nelsont
    Member

    It does. As soon as you are credit access approved you will be asked to come into the local office and wet sign your bank application. That’s the bank app stage.

    #65911
    Alikay
    Member

    I changed my buy down amount after submitting the bank app. We sent in a new coc..seemed to have happened without any issues. Though I’m still waiting on the bank after responding to conditions.

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