Changing buy down once piti is increased?

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    Hello, I am hoping that this makes sense and I can get some help.

    -I am currently approved for a monthly piti that is about $400 below my max piti. My counselor said i just need to save the amount I wanted for 2 more months and I would be able to get the increase.
    – I am looking to purchase a new construction home that with my current piti I would only be able to afford after max buydown.
    – if I go forward to get the new construction started and say I will do the max buydown. Will I still have the option of getting my file reviewed for increased piti so I can buy down to an amount I am comfortable with and not the max?


    I believe so. But once you sign the bank app you are locked without voiding the contract and starting over.


    I’m a little confused, but if I understand right, you don’t need to have your PITI increased if you plan to buydown to your current monthly approved amount. It benefits you to be approved for the max in case something changes, but you could move forward now if you needed to and nothing else was an obstacle.


    Correct I could move forward now, however would rather not have to max buydown as not only will it be a large chunk of savings but I also want to ensure I will be in the home long enough to break even.

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