Bank Committment Letters

If you have all of your documents ready then 30 days should be no problem. But I have seen 45 day and 60 day contingencies come up more often lately. There is always the "you never know what might happen" factor. So it is always best to try to get the longest contingency period possible. In regards to rates, you can lock-in before the commitment comes out for usually 60 days at no cost. And 60 days should be enough time from beginning to end on the bank side. But it will also depend on how often the coop holds interviews to determine how long it'll take to close. sunny.hong@bankofamerica.com

Hi Sunny - thanks so much. Could you let me know what kind of docs you are looking for? Tax returns, pay stubs, and the like?

Also, the board requires about 70-80K in liquid assets after downpay. What is BOA's requirement? I will have about 20K left in stocks/bonds as liquid assets after downpay. The loan amt is roughly 500K.

WIll that be a problem?

Thanks!

Also, if the contract says 30 days but the bank can't get the commitment letter, do the sellers really devour your deposit and look for other purchasers? I feel confused because isn't it the bank's fault for not getting the commitment?

the toughest requirements will be the co-op, since this will be a standard fannie product, the reserve requirements are minimum. you will need the standard docs,if you are w-2, last 2 years of w-2's, last two pay stubs, bank statements showing reserves and where deposit came from (seasoned), if a gift (then a gift letter needs to be filled out, contract of sale, and an appraisal) and you are done, if you need to lock a loan, some regional banks will allow you to lock with out an approval, (this is important because it allows you to lock today when rates are very low (friday was a small reversal). If you would like a rate quote, i will be more then happy to assist. let me know

Hi DLEDVEN - yes I do like a rate quote. How do I reach you please? I am intersted in a 30 year fixed. THANKS!

call me in the office on monday-646-419-4192, i'll be in the office by 9:30am, let me know your first name. (my name is Daniel, that is my direct number)

nycdowntown - BofA requires you to have 2 months of your mortgage payments and maintenance for reserves at closing so youll be fine with 21k.

These are the documents we will require:

1. 2007 and 2008 W-2s (assumung youre a W-2 employee)
2. 2 most recent paystubs
3. 2 most rceent bank statements
4. Copy of the purchase contract

Once all documents are gathered, you can lock-in if you choose and the appraisal will be ordered.