Income increase during new construction

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  • #72936
    sneakerz4me
    Participant

    Anyone that’s done new construction or familiar with the process know if after getting approved and commitment from BOA, if my income increases during the building of the approved home puts me above MSA can BOA/NACA then pull out of the loan?

    #73154
    TTrumble
    Member

    Hello sneakerz4me,

    Based on what you have written, I’m assuming you have gone beyond credit access since you have the commitment letter from BOA, and that the actual credit application (1003) has been submitted to the bank. If so, that should keep your status the same as long as you don’t do anything that requires a Change of Circumstance (COC) form to be submitted. The terms and the figures required have been submitted and the process will continue based on those figures as long as you don’t do anything to disrupt things, like seek a higher approval amount.

    Do anything that would cause the file to be re-evaluated and especially if sent back to underwriting and you will definitely run into a problem. Just keep moving forward and don’t have anything happen that might cause you to take a step backwards in the process.

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 1 year, 8 months ago by TTrumble.
    #73158
    sneakerz4me
    Participant

    @TTrumble

    Thank you, no I don’t need to request a new amount or change anything. I just have an increase in pay.

    #73193
    TTrumble
    Member

    Hello sneakerz4me,

    That’s a good thing. Just keep your documents updated in your file and let the wheels turn. You should be okay.

    Tim Trumble
    Online Operations, NACA

    #73197
    sneakerz4me
    Participant

    @TTrumble

    Thanks so much. Put my anxiety at ease lol

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