Affordability form expired

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  • #76037
    Jamaican2491
    Participant

    So I was qualified with my affordability letter in 12/2020 and haven’t heard anything from my MC until 05/2021. My MC canceled our 03/2021 session and met with me in 05/2021,after several cancellations just to tell me for affordability letter will expire 6/2021. I mean I didn’t even get the chance to meet with her to buy down my insert rate and purchase more home, she basically robbed me of that opportunity. Now I have another meeting 08/2021 with her and I’m afraid she will cancel again. I’ve had it up with this MC. How can I change my MC? what do you think will happen at our next meeting? Should I prepare to do this all over again?

    #76045
    Nelsont
    Member

    You don’t set up an appointment to buy down your interest rate. You actually don’t buy down your rate until you sit at the closing table.

    All you need to do is find a house and email your MC for a property specific letter. In the email copy your naca lynx address. One sentence you are going to put an offer in and need a psl. List the specifics such as offer price taxes insurance buy down amount and monthly payment after buy down. Attach pdf copies of the county tax sheet and MLS listing. Your agent can help you with these since you need a license.

    Your MC has 24 hours to respond. If they don’t then call the local office because someone is required to help. If all else fails submit your offer and continue to pursue the psl and also schedule a credit access appointment.

    At credit access you will renew your affordability form.

    Changing your MC is frowned upon unless you move to a new state or major city. You would need to fill out a change form and HQ in Boston will review and determine if a change is necessary or denied. If you change you will start over and be put at the end of the line and you won’t be allowed another change.

    #76060
    Jamaican2491
    Participant

    Thank you for this updated information. I was under the impression that my affordability form expired,so that’s it for me. I can continue my house search? What’s likely to happen at the next meeting with my MC? I really feel like she is not giving me all the information I need for this program to work out in my favor. It just gets frustrating and overwhelming when I don’t know the ins and outs.

    #76061
    Nelsont
    Member

    All of the information you need is in the 2 workbooks and 2 workshops.

    If you set up a meeting to requalify they will ask for everything to be updated and resubmit you.

    If you go ahead and look for houses they will do that prior to or during credit access.

    #76063
    Kay Cee
    Participant

    I just went through re-qualification. Don’t be alarmed if you don’t get re-qualified first submission. UW came back with a condition this time that they didn’t ask about during my initial qualification in November. As for house searching, while I was waiting to be re-qualified I was told I could still search but couldn’t put in any bids. Maybe that was just my realtor’s preference.

    Nelsont is right changing MCs is frowned upon. Seems like it takes an act of Congress…I contacted member services about my MC numerous times, even contacted the office manager and they wouldn’t change me. But the MC did start responding after my complaints. So, if you’re not getting results don’t hesitate to be vocal. Good luck with re-qualification.

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