Forum Replies Created
@iveal24 -CoC is ‘change of circumstances’ is what NACA submits to the bank anytime something changes in your purchase agreement. Sounds like you had a contract addendum so that would have to be submitted to BoA by NaCa being that your purchase price has changed since it was originally submitted.June 30, 2020 at 12:00 am in reply to: Non Priority Limitations and New Construction Property #69872
@virgozbest same issue I had considering we live in a high-income MSA. The neighborhood that I’m building (Capital Court) is at 99.98% so I barely made it in. Apparently, updated numbers are released in September and thus you might imagine, incomes will have increased making it even harder to find a nice area to buy as a non-priority member.
@Iveal24- yes, correct. My loan amount is less than the purchase price because I’ve paid some cash for upgrades. My first appraisal (when it was just land) was only $1,000 more than the purchase price. I received an updated appraisal and it has increased by about $9,000. I’m sure at closing, once the appraiser is able to physically see the upgrades, it will be appraised at an even higher amount than my purchase price and loan amount. Hence, the reason I say you more than likely won’t have any problems.
Your purchase price will still be the price including the upgrades— they do not adjust your purchase price because you are paying cash for upgrades. It’s best this way to keep up the value throughout the neighborhood. It’s your loan amount that will differ. I’m doing the same thing. You won’t have any problems.
This was my same situation; I chose to simply withdraw funds using the conventional method instead of selecting home purchase. The only difference is you have less time to repay the loan (5 years vs 30 years) and the interest rate is slightly higher when you’re borrowing your funds for non-homebuyer reasons. Hope this helps!
Yes! Hmmm… I wish my mortgage counselor would have explained that. I filled out the documents and mailed them back— some of which were different from what I had submitted previously. Hence, the reason I thought these were needed too.
This wasn’t a specific condition. When the bank sent application paperwork, inclusive of the 4506-T, interestingly enough it listed/requested years 2016-2019 tax years which I found weird— especially since I’ve only been submitting past two years up until now.
@ttrumble, I read in another post that NACA’s rates are locked in for up to one year–is this not true? Your post above states otherwise–in that the rate expires after 90 days. I’m getting new construction which won’t be finished until October–more than 90 days out. Please clarify.