Qualification letter

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  • #60510
    frankysmom
    Member

    Does the qualification letter detail the piti or loan amount ?

    Can anyone expand on what you’re not supposed to show your agent so they don’t encourage over offering?

    #60511
    Nelsont
    Member

    No.

    Your qualification letter is simply a form letter that states you are qualified. It will have your priority or non priority status and your name.

    You should know your piti by heart after your first intake session. Unless you were not qualified for 31% or your situation changes it will never change from day 1.

    Your loan amount is 100% specific to the house you buy and the only time you will ever see it on paper is close to closing.

    Show everything to your agent. I did. Hold nothing back. The more they know the better they can get to know you help you out. It’s in your benefit to do so.

    If your agent ever at any point encourages something you don’t want to do they don’t have your best interest at heart.

    • This reply was modified 2 years, 7 months ago by Nelsont.
    #60513
    frankysmom
    Member

    I know my PITI. I want to know if the letter will have both figures because depending on house location, taxes etc loan amount varies. My concern is the letter making me seem unqualified for a home thereby not taken seriously.

    #60516
    Nelsont
    Member

    The letter is equivalent to a preapproval letter you get from a bank which is required by most agencies to even start looking at houses houses and also will not have any of that information on it.

    #60539
    Tara585
    Member

    Is the qualification letter the same as the property specific letter. I asked my MC about a property I was interested in and I sent him the MLS information and all I got from him was a comment stating the property is good with alittle extra for rehab if needed.

    #60540
    Nelsont
    Member

    No.

    The qualification letter you get handed to you in person at the purchase workshop usually the week or week after you get qualified. The qualification letter is a piece of paper.

    The psl is 2 sentences from your MC emailed to you with property specifics.

    If you email your MC about properties you will not get a psl. You need to specifically state in the subject line a request for psl. In the body list the offer price (because a psl is only for a house you actually about to make an offer on), the list price any buy down funds broken out into your contributions and seller contributions and grants, the estimated insurance the yearly and monthly taxes and the monthly piti of all that combined. Include pdf copies of the property tax sheet and official mls listing (not the listing from any agency website, the listing you need a RE license to get) and copy your agent on the email. It might be better to have your agent send the email because they should have all this anyway and it will take them 5 minutes to do so.

    #60541
    Tara585
    Member

    @Nelsont, when I asked my MC what was needed he told me ro prove rhe information listed in the MLS listing to him along with the address Nd listing price. Nothing more. Ive done that requesting rh property spe ofic letter and each time all he emails me is a comment on whether its doable or over my PITI usually because of the taxes. Nothing else. Its all confusing to me. Thanks for your reply. You have provided me with more information than my MC.

    #60554
    Nelsont
    Member

    No problem. Just make sure you actually have copies of the information sent to him and not just the specifics written out.

    If that doesn’t work call your local office and ask what needs to happen to get the letter.

    • This reply was modified 2 years, 7 months ago by Nelsont.
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