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  • #71067
    mslisha6292
    Participant

    Could someone please clarify when I should be concerned about priority status? I recently got a promotion that puts me over the median income for the area I want to live in. I’ve already started the process of purchasing (qualified, p&s, inspection) now I’m waiting for my file to be submitted for credit access. Would I be denied at credit access because I’m now a non priority member? Thanks in advance!

    #71069
    Nelsont
    Member

    Your income will be considered until the keys are handed to you.

    Is your new income over the census tract or over the MSA?

    #71070
    mslisha6292
    Participant

    @nelsont yes, it’s over the msa.

    2020 FFIEC Est. MSA/MD non-MSA/MD Median Family Income – 79,100 (my income is now over this)

    2020 Est. Tract Median Family Income – 98,780 (my income is not over this).

    #71071
    mslisha6292
    Participant

    @nelsont the increase is effective as of beginning of July. If that makes a difference…

    #71072
    Nelsont
    Member

    I’m afraid I think this promotion will disqualify you for this neighborhood. Underwriting is based on your financial picture at the very moment you are being underwritten so for the income to not count I think the promotion would have to be effective after you close.

    Did you enter into a contract before the promotion took place? Or before you knew it was going to take place?

    If your income changes for any reason you should notify your MC so they can help you decide the best course of action.

    #71076
    mslisha6292
    Participant

    Yes I knew about the promotion, the increase was more than I expected (not that I’m complaining).

    I contacted my MC about my increase where I was told “an increase would be better” but that was it. I will reach out to him again.
    Thank you for your responses!

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