Numbers on Qualification Letter are different

Home Forums Purchase Program Numbers on Qualification Letter are different

Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • #64006
    purdynerdy
    Participant

    Hello,

    I’ve received my qualification letter and attended the purchase workshop. When I looked at the numbers they looked different from what was given at my intake appointment.

    1) my max PITI is 150$ less than what was previously given. My PITI on my qualification letter is not 31% of my gross. It’s less than that. My income has not changed.

    2) my total debts and monthly debts are lower than what I know to be true. I don’t want this to affect me at the credit access stage.

    What do I do to remedy this.

    Thanks!

    #64007
    Nelsont
    Member

    Double check with your MC to see if there was a typo. You can always be resubmitted for qualification anyway to get closer to 31%.

    #64008
    Peapod0609
    Member

    Yeah it is better to get re-submitted now if you have to than trying to do it later in the process. Ask your MC the reason for the change and see if it was a mistake.

    #64012
    purdynerdy
    Participant

    What is the process for resubmission? Do I need to submit new documents?

    #64013
    Nelsont
    Member

    Pretty much. It’s not as big a fuss as the initial qualification. But you need to submit as much current information as you can that supports the ability to afford a higher amount. So pay stubs, statements and bills obviously, since you never stop submitting them until you close anyway.

    You would need to ask your MC to resubmit you for qualification at a higher amount. Depending on your spending habits you may need to demonstrate payment shock again. Not necessarily though. But if you believe there was an error that is the first thing you need to ask your MC about. A $150 difference in PITI from your action plan doesn’t sound right. 15 maybe but not 150.

    • This reply was modified 2 years, 5 months ago by Nelsont.
    #64015
    purdynerdy
    Participant

    Ok. I will do that. I live int he DMV and need a little more buying power. Plus I don’t think it’ll change my MRF as I will still be less than 300$ shock payment (And I’ve been saving way over that).

    Also, would I need another credit pull. The last one was 12/3/2019. I’m worried about the hard hits.

    It’s a 150$ difference. The previous amount was 31% of my gross and my income has not dropped.

    • This reply was modified 2 years, 5 months ago by purdynerdy.
Viewing 6 posts - 1 through 6 (of 6 total)
  • You must be logged in to reply to this topic.