jgamble8

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  • in reply to: New Construction Upgrades Appraisal #70505
    jgamble8
    Participant

    @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.

    in reply to: Non Priority Limitations and New Construction Property #69872
    jgamble8
    Participant

    @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.

    in reply to: New Construction Upgrades Appraisal #69855
    jgamble8
    Participant

    @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.

    in reply to: New Construction Upgrades Appraisal #69794
    jgamble8
    Participant

    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.

    in reply to: 401k and buy down #69613
    jgamble8
    Participant

    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!

    in reply to: Taxes or W2 #67753
    jgamble8
    Participant

    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.

    in reply to: Taxes or W2 #67750
    jgamble8
    Participant

    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.

    in reply to: Taxes or W2 #67748
    jgamble8
    Participant

    @nelsont @ttrumble, I’ve also read everywhere that you’ll only need two years worth of tax returns and transcripts. Any reason at bank application stage, they request past 4 years on tax transcript request document?

    in reply to: What office are you guys with? #66955
    jgamble8
    Participant

    Washington, DC

    in reply to: Mortgage rate lock float down #66949
    jgamble8
    Participant

    @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.

Viewing 10 posts - 1 through 10 (of 10 total)