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  • #63207
    dallasBuyer
    Member

    I have received the email for LE requesting me to accept to move forward with the loan process and I did accept it. But I haven’t received credit access related communications yet. Is that normal?

    #63209
    Nelsont
    Member

    Somewhat. If your MC doesn’t schedule an appointment for you then call your local office and schedule one yourself.

    #63211
    dallasBuyer
    Member

    @Nelsont Thank you so much will do so. When will the interest rate lock?

    #63213
    Nelsont
    Member

    You should have it locked already.

    #63286
    dallasBuyer
    Member

    Thank you @Nelsont I checked with my MC and advised me it already locked. quick question though, I have to withdraw money from my 401K for my buy-down and my retirement plan wants the numbers that shows what is needed at closing including buy-down. At what stage do i get these numbers?

    #63287
    Nelsont
    Member

    The day before closing. That is too late obviously. You should know what to expect though. There should be no surprises. Pretty much the only thing you need to bring to closing is the balance of the buy down minus the good faith.

    #63288
    Peapod0609
    Member

    @dallasBuyer I had to transfer from my 401K as well for my MRF. In the online form it also asked me how much closing costs were needed, I am pretty sure that should be on your loan estimate. If not, go by your NACA MRF.

    It didn’t matter for me anyway, I never needed to provide actual documentation. I just needed the address of the property and the buyer and sellers information and I was approved. Yours may be different.

    • This reply was modified 2 years, 6 months ago by Peapod0609.
    #63290
    dallasBuyer
    Member

    Thank you @Nelsont and @peapod0609… my retirement plan requested the breakdown numbers but I will definetely try with the P&S contract as justification with MRF as an amount.

    #63773
    dallasBuyer
    Member

    @peapod0609 will there be any problem if i withdraw more than the buy-down amount from my retirement account and deposit it in my saving account?

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