Qualified … with some questions

[thepatties]

hello everyone, just looking for any input would be appreciated. We got qualified over the weekend (yay) after a long stressful process (i’m sure the pandemic contributed to the stress)
anyway, i went on my naca profile where i was able to find an affordability form mentioning we were qualified for half the amount requested. we have been saving more than the recommended payment shock.
Would there be any other contributing factors to this amount? we are looking in NYC and that amount wouldn’t even be considered here.
Is that number set in stone ? any info or recommendations appreciated
we emailed our MC and awaiting for an answer she might not be in today.
thanks !

[Nelsont]

It’s not written in stone however it won’t change without substantial evidence that you have either decreased your debt or increased your income without increasing your debt.

The 2 most likely scenarios are something popped up on your credit report that was not there during your MC’s review or the underwriter was much more conservative than your MC and felt uncomfortable qualifying you for more based on your current financial picture (this includes potentially not accepting LOE’s if applicable).

You need to find out from your MC if they can provide clear and concise input as to why your qualified piti is lower than requested and what you can do in order to increase it.

[hilary]

How did you find your profile with letter?

[thepatties]

got it ..i emailed her and awaiting a response
thank you !

[thepatties]

@hilary
once we received notification texted on being qualified we logged in to our we file and went through everything in our file
once qualified your webfile changes and has other links
hope this helps

[sweetlilly]

@thepatties…Your Housing ratio and DTI are the 2 factors “written in stone” for lack of a better term that influences what they determine you can afford. This should be in the Qualification Workbook.
Additionally, for Savings Shock you have to show and DOCUMENT your savings pattern (savings, 401k contributions , CC payment in excess of minimum etc etc ) and submit it to your MC and let them tell you why you are wrong and they are right if there is any discrepancy.

This is a question that comes up every time at the Post Qualification webinar hosted by Eric Xum ( NACA Mortgage Director ) every Wednesday. The guy is a wealth of knowledge and experience.

And his answer is always the same. Be your own advocate. Prove to them with documentation why you should get more than you were qualified.

I was in the same boat and after following Eric’s advice i was able to get my qualification amount increased from about $1000.00 monthly to about $1500.00

[thepatties]

@sweetlililly
thank you !!

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