Incorrect info on Affordability Form

Home Forums Purchase Program Incorrect info on Affordability Form

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  • #71507
    sweetlilly
    Participant

    I became qualified on 8/14 and went to the Purchase Workshop on the 20th and was thus able to access my Affordability Form.
    Its seems my affordable Monthly Payment of $909.00 is severely impacted by the amount ($203.00) I see included as my payment shock in the form. Really not sure how they came up with $203.00

    My payment shock at my original intake in May was set at $575.00 which I have met since then. Current rent payment is $725.00.
    At my second intake , the MC helped me write an LOE about using the 10% contribution to my 401K to be used as my payment shock which is about $500.00 a month. I have been making this contribution for over a decade.
    I also contribute $100.00 every month to a credit union savings account.

    Also for what its worth my Housing ratio is $1495.00 while my debt ratio is about $1704.00.
    I also have 20K parked in a savings account with BOA specifically to cover MRF and interest rate buydown to as low as I am allowed.

    Unfortunately until the current affordable Monthly Payment amount is increased I will not be able to start my home search in the price range I desire.

    I am also waiting to be assigned a Mortgage councilor licensed to work in Oklahoma city. Maybe he/she can assist with this.
    The form shows my MSA as Dallas instead of Oklahoma city even though I have told every Councilor I have engaged that I reside and plan to purchase in Oklahoma city.


    @Ttrumble
    I sent you an email this Friday asking for your help with this.
    Hopefully someone else can chime in, in the meantime.

    #71515
    TTrumble
    Member

    Hello sweetlilly,

    Please refer to the email you have been sent regarding your approval amount and Payment Shock.

    Once your are qualified, we will get your file set up for the Oklahoma City MSA, until you are qualified, it doesn’t really matter.

    Tim trumble
    Online Operations, NACA
    ttrumble@naca.com

    #71516
    sweetlilly
    Participant

    Appreciate the response back.
    Reviewing the email now.
    This stuff is all “simple” and confusing at the same time.
    I will reply to your email.
    Thanks once again.

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