Purchasing Something Under Qualification

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    My question is in regards to MRF as it relates to purchasing under qualification amount.

    173,000 sales price / 1000 PITI
    Original MRF 4,500

    157,000 sales price / 924 PITI
    Updated MRF from MC 3,826 (not PSL but in an email after he ran the numbers)

    Is my MRF adjusted for my purchase price since my payment shock will now be under $300? He is rather new so I want to make sure that his email with new MRF is what I need to have vs my original qualification MRF.

    Thank you!


    Mrf based on qualification is what you need for the maximum you are approved for. The mrf includes 2 to 3 months piti that you do not pay but is built into the action plan as a safety net so by the time you close you actually have a couple mortgage payments in the bank saved up. Financial advisers however suggest 6 months piti saved away.

    Naturally if you’re piti is lower your mrf will be too.

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