Forum Replies Created
@bella427 did you eventually get your PSL? Often times your MC can facilitate this effort and provide you one with all the glitches on the website. It’s an ongoing issue for a lot of people who are trying to generate their own PSLs. Please note that if you require buydown to match what you were qualified for on a monthly basis, your counselor will have to generate the PSL.May 5, 2021 at 5:03 pm in reply to: *Change Jobs/Employment Post- Qualification and Bank App* #75338
@TTrumble thank you for your response. I understand the rationale. Does this same rationale apply if one is changing to a higher paying job? I guess my whole point is not wanting the delay the closing process even further by reapplying to the bank and the subsequent activities that must happen at that point.May 3, 2021 at 9:27 pm in reply to: *Change Jobs/Employment Post- Qualification and Bank App* #75316
@nacanewconstruction, where exactly are you in the process? That seems completely unreasonable to have to submit an entire new bank application esp if the job is higher paying. Wouldn’t that unnecessarily delay the entire process
@Nelsont, any further clarification on amending this rate lock? I scanned through the regulation link you provided (it’s long) but having a hard time figuring out where BoA is allowed to keep the higher rate on a new construction home. When I signed my contract in July 2020 – my rate lock was at 3.0. I don’t close until March 2021 and the rate had gone down to 2.125 even though now the rate has gone back up to 2.5. There has to be a way for new construction homebuyers to get the lower rate esp since non-NACA purchasers are locking in lower rates than with NACA.
Thank you! You’ve definitely already been such a major help to me already. On the home stretch now
@Kristijay, great thanks for the information. This is good to know. I will just plan for myself and my agent to keep in touch with the builder as much as humanly possible. Again, congrats on everything and thanks for your all your insight 🙂
@Kristijay, that is GOOD advice! When you notified your builders agent the day before that you would have to push back closing, how did they respond? This is exactly what I’m afraid of.
@WiltJayhawk, I’m waiting for my house to be delivered by early spring. I’ve already been through the qualification process, contract, and bank loan app, now just waiting.
@Kristijay, yay on closing and yay on no per diems. Happy for you! I think you may be right, combination of the times and being as diligent as possible probably precluded them from charging you per diems. I suspect per diems are really for people who are all over the place and truly not ready to close b/c of finances, etc. but I trust these builders will be more patient if it’s for reasons outside our control. Did NACA give you enough of heads up before they changed your closing date? My builder told me that I would need to keep them posted but I don’t want to let them know the day of that I can’t close today
@Kristijay super sorry to hear about your wait for CTC. You’ve done everything you can do. What you’re going through is what I dread when its time for me to close on my house in the spring. How is it going with the builders and builders agent? Are they being patient with you or are they trying to impose the per diem? My builder didn’t back down from the per diem either so I’m afraid of that…..September 29, 2020 at 5:03 pm in reply to: *Change Jobs/Employment Post- Qualification and Bank App* #72079September 29, 2020 at 4:11 pm in reply to: *Change Jobs/Employment Post- Qualification and Bank App* #72077
@Nelsont, thanks for your response. Any ideas of how it might affect me if I get a lower paying job? So say I’m qualified for $1500/month…might it bring me down to $1200/month?? Even though I already agreed on buydown amount and everything and based my purchase off of the original qualification amount
Glad to hear it!