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After your contract is submitted and before your credit access appointment. I think it’s auto generated.
Oh no, We have not received it yet. Also, our file does not say “property identified” Now, I’m worried.
Update, we got the email! Thank God, locked at 2.625.
Thank you, @NelsonT for your responses! You have been so helpful.
Thanks everyone for the info, especially the part abut BOA contributing to the buy-down, I’m in the DC area!
@Nelsont as far as BOA automatically contributing .50% to interest rate Buy-Down if a Priority members’ income is about 80% of the MSA in the area they are buying..
We are at 80.82% of the MSA in the area we are buying. Do they use the 80% or is that automatically rounded up to 81%? Just curious.
I’m pretty sure they don’t round. I think they use exact numbers. 80.00 is the max. That’s how priority vs non-priority is figured. 100.01 is non priority.