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Thank you both!
It took me 2 months and I viewed 7 or 8 houses over that time. I put in a full asking on one and lost it to another bid, and I countered 3 times on the house I ended up putting a contract on. Don’t give up. The house I ended up with is much nicer than the ones I wanted prior to seeing it. It will happen just don’t give up.
hi srsmith! I wanted to wait until after I got to this stage to respond. So my MC is requesting the closing disclosure from the lender. She said it will list the actual amount that I’ll need to close on the loan including closing cost and the buy down amount. She said some 401Ks won’t allow the withdrawal with only a loan estimate, so that’s why she’s requesting the closing disclosure. If you can’t get in touch with your MC I’d recommend showing up to the NACA office and wait until she is available. NACA’s policy is if you show up someone has to see you. You may have to sit and wait awhile but whatever it takes to get the ball rolling again. If your MC is unavailable the other MC in the office will see you once he/she is available. I’ve read several times on the forum that that’s the only way some people have been able to get their file moving again. Don’t give up just keep fighting for your house.
Thanks for the quick response and all of your help both on and off the forum, it is greatly appreciated!
CONGRATS! So excited for you that your journey is now complete and you’re in your home!
Hi @NacaPhillyBuyer Were you able to pass credit access and submit your bank application without having the buy down money moved from your 401K account into your checking account? If so, did credit access pass you based on your 401K statement? Is your approval amount high enough that you don’t have to buy down the interest rate or do you have to buy down the interest rate in order to meet your approval amount?July 17, 2019 at 4:20 pm in reply to: Esignature problem..underwriter wont accept seller wet signature #49989
Does the wet signature apply to both the seller and buyer?July 17, 2019 at 3:42 pm in reply to: Esignature problem..underwriter wont accept seller wet signature #49984
Hi 25andwise. Will you please elaborate on how you were able to resolve this issue? Also, did you docusign the purchase and sell agreement or did you have to give a wet signature? Thanks!
Update: The office manager responded with the following:
Unfortunately we cannot use the 401 K contributions for payment shock savings, this mainly because you already have an open 401K Loan. (NACA does not approve to obtain a loan to pay debt, instead a hardship withdrawal would have solve the debt issue).
Unless the current loan be paid in full we can explore the option for use part of the funds contributions as payment shock
The main challenge in your file is we don’t see real savings. In order to request an increase you must demonstrate 3 consecutive months payment shock savings for the difference you want to qualify for. You must continue updating your file every month.
@ttrumble is this accurate? Am I unable to use my 401K contributions as payment shock because I have a 401K loan out? The 401K loan repayment is deducted from my check, but I contribute an additional $388.00 a month to my 401K outside of the repayment amount. I’ve been contributing that amount all year without missing a payment. Please advice!
This definitely helped! Keep us updated with your closing!
CONGRATS THAT IS AWESOME!!! Did BOA label the buy down amount as down payment on the loan estimate?
I just received word that I’d also need the amount of the down payment to take out a withdrawal. Please keep us updated.
Last night I logged into my Webfile and my status read Not qualified conditions. I called member services this morning and I have 2 conditions which is to rerun my credit and more details needed on one of my LOE. These are easy things to address. I’m going to pay off a credit card next week, so I’m wondering if I should wait until I pay off the card or if I should have my MC rerun everything now.May 13, 2019 at 12:39 pm in reply to: Does NACA use W2s or current income for qualification amount #48793
@NewlywedHomebuyers @Peapod0609 Many thanks for your response! This will allow me to qualify for more house!!
My conditions were finally submitted back to underwriting!! Now my next concern is determining if my qualification amount should be based off of 2018’s tax returns or my current salary. I received a promotion in January 2019 that increased my annual salary by 9K. Should my qualification amount be based off of last year’s tax return or my current salary after the increase in January?