Interest Rate Locked When?

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Viewing 6 posts - 16 through 21 (of 21 total)
  • Author
    Posts
  • #71225
    Nelsont
    Member

    After your contract is submitted and before your credit access appointment. I think it’s auto generated.

    #71226
    frankysmom
    Member

    Oh no, We have not received it yet. Also, our file does not say “property identified” Now, I’m worried.

    #71237
    frankysmom
    Member

    Update, we got the email! Thank God, locked at 2.625.

    Thank you, @NelsonT for your responses! You have been so helpful.

    #71248
    dpruitt27
    Participant

    Thanks everyone for the info, especially the part abut BOA contributing to the buy-down, I’m in the DC area!

    #71738
    RAnthony
    Member

    @Nelsont as far 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..

    We are at 80.82% of the MSA in the area we are buying. Do they use the 80% or is that automatically rounded up to 81%? Just curious.

    #71739
    Nelsont
    Member

    I’m pretty sure they don’t round. I think they use exact numbers. 80.00 is the max. That’s how priority vs non-priority is figured. 100.01 is non priority.

Viewing 6 posts - 16 through 21 (of 21 total)
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