We attended the ATD event this past Sunday, we had everything uploaded into webfile including LOEs. The only documents we were missing were: one LOE which I had ready to upload during the call but MC said to just do it the next day (I believe because it was 1 AM already, we were #675 in the queue), and the VOR/VOE. MC said we couldn’t be submitted. So that was really disappointing. She created an action plan for a payment shock even though we have over 30K in savings but, the payment shock the MC gave us was exorbitantly high.
To my understanding, the payment shock is the difference between what we currently pay in rent and what we would like to pay in our future mortgage. Please correct me if I’m wrong. For example, if we’re paying $1400 rent and we’d like our mortgage payment to be $2100, shouldn’t our payment shock be $700? We’ve been saving a little over $700 since before and after our HBW in February. MC is saying our payment shock is $1,900. How? Am I missing something here? We don’t want a mortgage that’s over $3,000. However, she put that on our action plan so I feel like we’re stuck with this. Could it be that she gave us this payment shock because it is the maximum we can contribute based on 31% of our income? If that’s the case, it isn’t appropriate because we don’t want a monthly payment that high even if we can afford it. Someone, please help explain this. I really appreciate it. Mr. Trumble, any advice?