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.