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Established Member
nvme
Posts: 35
Registered: ‎09-25-2011
0

Re: Forgive me for the long post. Need help! First time buyer....

That's fantastic movingforward. We received a sellers concession which makes our payment with everything included at 2541 a month. The rate on the GFE states 3.75 but our broker advised us not to lock it until we pay off the 1500.I have an inquiry that also falls off any day now.  by paying off the account it could raise my score a couple of points helping the rate go lower. Any little bit helps right?! the bank is actually moving faster than the sellers attorneys. I just received my list of conditions and they want me to explain the payment to my 401k and how i can afford the mortgage. (hi UW ever heard of a calculator???) I did verify with my 401k plan and asked if I could reduce the payment, and you cannot. I have to pay that amount until July but fortunately I did budget our home/monthly expenses with the reduced amount. Grrr. Now I'm trying to word this letter so the UW understands why I'm paying back so much. I hate this. Lol. Should I mention the additional rental income or am I shooting myself in the foot? 

NvMe
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Forgive me for the long post. Need help! First time buyer....

LOE should be short and to the point.

 

UW's hate long stories!!! lol

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Forgive me for the long post. Need help! First time buyer....

+1, I would just address the payments to the 401K and how you'll be able to afford the home. Perhaps show a condensed itemization of your expenses. Include how much will be going to savings every month and your excess income. As long as they say money going to savings and excess income, you should be fine.

I advise against talking about how the future renter will ease the budget as it looks to the UW that you will be really stretching it until you find a renter and you don't want to give that impression to them.

Best of luck to you! I hope you close on your house very soon! :-)
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