I have run into a speed bump that does not make any sense to me. My counselor had to resubmit my file to get an updated approval. Upon doing that, he is telling me that my approved payment has dropped by $77 a month.
I have been working on purchasing a specific property and have been wrestling with the listing agent to even entertain my offer…he did not want to work with NACA. He spoke with a NACA team member and is now willing to move forward, which is great, but this approved payment drop would kill the deal.
So, I asked my counselor why the approved payment was lowered. He tells me that it was because of negative cash flow in my checking account. My account has not been in the negative, at all. So, I ask him for more details and he basically tells me that the tax refunds that I have received cannot count towards my income but the transactions that were executed using the refund monies still count against me. Does that sound right?
I sent him a couple LOE’s to point out specific transactions and explanations for those transactions in the hopes that they would be discounted, since the tax monies were used to cover them. I have sent a number of e-mails to my counselor and have received little to no response. I would really like to move forward with my offer on the property ASAP. Any assistance that anyone can provide, would be greatly appreciated. Thanks!!