Quote:
Originally Posted by lincap
Knowing that a bond payment could be necessary I would think that an "estimated" amount for that would be used in the calculation before issuing a prequalification letter. But the bottom line is that you will be paying these amounts and you have to be comfortable with the on going payments.
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Very nice, thoughtful and knowledgable post. I suspect you may have been involved in the business!
As I stated, my pre qualification amount was determined before they know if there would be any bond involvement. So the only things I can think of is that they either factored a possible bond in the determination, but don't do it transparently where I can see that they did, would or could have adjusted the amount if they later found out that there was a bond, or they could see that I was able to handle any bond with our stable income in any senario. What ever it was though, I have to believe you in that they somehow covered themselves in our ability to pay the bond... up front or in annual payments.
Anyway, I hope our discussion helps without presenting any confusion for the OP!
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