Does anyone know how long it takes to have a file resubmitted and get a response back from the underwriter?
I was already qualified but the house I am looking to make an offer on is $127 beyond my approved amount. I sent a request to have my reviewed again because I reduced my debt by paying off 3 cards and I continue to save above my needed payment shock.
What do you think my chances are of getting what I need from them are?
Payment shock doesn’t factor into increasing affordability here. It’s pretty simple. If the minimum balance on your 3 cards combined was reduced by $127 or more then you will be approved for a monthly payment that is $127 higher or 31% of your gross income whichever is less. It also shouldn’t take any longer than any other submission to underwriting.
One thing to consider is buy down. $127/month can potentially be a lot of money in buy down but especially if you get seller help which is very common buying down your interest is one way to get your house even if you aren’t approved for an increase…$127 might take 3-5 points in buydown which is often easy enough for the seller to provide. Just a thought.
Thanks Nelson. I have exhausted my buy down option so my only option is for the approval the higher amount. I am extremely nervous because my lease is running out and I have to give them a yes or no on the renewal by September. They wont extend the time or go month to month. This market has made it extremely difficult to find anything so anytime I submit something it is already under contract so I need to get this property specific letter in a hurry to put in my offer. I dont even know how its possible but I feel more drained with this search then I felt trying to get qualified and now it scares me to death what the end will do to my mental state LOL