August 6, 2020 at 7:42 pm #71152dpruitt27Participant
So I’ve been getting the run around being bounced from counselor to counselor for MONTHS. Low and behold, God may have been looking out for me because this new lower interest rate is AMAZING! Can someone tell me at what point in the process is our interest rate locked in? Thank you!August 6, 2020 at 8:03 pm #71153
When you submit a ratified contract.August 7, 2020 at 9:54 am #71156TTrumbleMember
For the interest rate to be locked in, the Purchase and Sale Contract must be submitted and a copy of the Loan Estimate is created. Then the P&S contract, data points and the contact information for appraisal are sent to the lender who then pre-registers the application, assigns a loan number, and locks the interest rate.
To put it in the simple terms we normally use, the interest rate is locked in when the bank app is submitted.
But to bring this down to its most fundamental, what-does-this-mean-to-me terms, those incredible rates you are seeing are all but guaranteed to stick around until at least the end of the year. So now is the time to get busy and get qualified!
BTW, thanks for having the vision to see that “being bounced from counselor to counselor for MONTHS” actually wound up being a GOOD thing in that it led you to this amazing situation. More people need to simply take their time with the process and go with the flow. In fact I have my own son in the program right now, and we are in no hurry. We’re just going to take our time and when the time to jump into action arrives, we’ll know it.
This is the biggest transaction of just about anyone’s life. Why would they want to rush through it anyway?
Online Operations, NACA
firstname.lastname@example.orgAugust 7, 2020 at 2:14 pm #71168vrundmcParticipant
@TTrumble – is there anyway for you to help us here? Our P&S was submitted and then entered 2-3 days after submission. The rate went up on the day we received our LE. We then did our bank app two days after the LE. I even think a rate hike at that point seemed wrong given market conditions, would you be able to verify the rate for that day?
Right now, we are stuck waiting for our local county to send title info – it would be great if something can be done during this time.August 7, 2020 at 6:30 pm #71183
Our ratified contract has been received and we have an appointment tomorrow for credit access. I desperately want to lock in this rate today but the secretary told me that will be discussed during tomorrow’s meeting.
Is this normally how this is done? @ttrumble
I thought the protocol is for the MC to enter the ratified contract into NACAs system on her end. That is what generates the “intent to proceed” email which temp locks your starting rate.
It’s only a day away but I swear I’ve seen the rate change on a weekend so I am anxious to get it done already. ThanksAugust 8, 2020 at 2:03 pm #71201
Update, Told it was sent after hours on Friday so on intent to proceed email will be sent on Monday. I thought it was sent automatically? So someone at BOA has to set the wheels in motion.
If that’s the case, Praying it’s done in the morning before any rate change.August 8, 2020 at 2:23 pm #71203
is there still such a thing as BOA automatically contributing .50% to interest rate Buy-Down if a Priority members’ income is about 80% of the MSA in the area they are buying?
Anybody knows?August 8, 2020 at 3:11 pm #71205
Yep. 80% or below. It’s automatic but it’s not nationwide. It’s only in some MSAs. @ttrumble posted about it a few months ago. The list is not advertised and unpublished like boa is offering in test markets or something. There’s about 2 dozen MSAs on the list and they are generally the big cities where a comparitively large socio economic and demographic divide exists.
I really don’t know the list but as a hypothetical example nyc would be more likely to be included than Albany Syracuse or buffalo.August 8, 2020 at 3:18 pm #71206August 8, 2020 at 10:22 pm #71209MojoRysingParticipant
This was copied and pasted from that post;
Here are the qualifying MSA’s
ANAHEIM-SANTA ANA-IRVINE CA
LOS ANGELES-LONG BEACH-GLENDALE CA
OXNARD-THOUSAND OAKS-VENTURE CA
RIVERSIDE-SAN BERNARDINO-ONTARIO CA
SAN DIEGO-CARLSBAD CA
SSANTA CRUZ-WATSONVILLE CA
SANTA MARIA-SANTA BARBARA CA
NEW HAVEN-MILFORD CT
FORT LAUDERDALE-POMPANO BEACH-DEERFIELD BEACH FL
MIAMI-MIAMI BEACH-KENDALL FL
WEST PALM BEACH-BOCA RATON-DELRAY BEACH FL
CHICAGO-NAPERVILLE-ARLINGTON HEIGHTS IL
HA COUNTY IL/WI
SILVER SPRING-FREDERICK-ROCKVILLE MD
LAS CRUCES NM
SANTA FE NM
LAS VEGAS-HENDERSON-PARADISE NV
BUFFALO-CHEEKTOWAGA-NIAGARA FALLS NY
NASSAU COUNTY-SUFFOLK COUNTY NY
NEW YORK-JERSEY CITY-WHITE PLAINS NY/NJ
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY PA
AUSTIN-ROUND ROCK TX
SAN ANTONIO-NEW BRAUNFELS TX
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS VA/NC
BTW, the 80% figure applies to the MSA in which you are BUYING, not necessarily the one in which you presently live.August 8, 2020 at 11:39 pm #71211August 8, 2020 at 11:41 pm #71212MojoRysingParticipant
No prob. I had asked about it before and Tim Trumble posted that.August 9, 2020 at 7:59 pm #71220mrstaylorMember
For the 80% of MSA, they won’t include household member’s income right? since that’s not used for the qualification amount.August 9, 2020 at 9:19 pm #71221
Income is only included if they are being qualified with you. Debt is always included regardless of qualification.August 9, 2020 at 11:27 pm #71222
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