frankysmom

Forum Replies Created

Viewing 15 posts - 31 through 45 (of 99 total)
  • Author
    Posts
  • in reply to: Not qualified… Multi family (please help) #63629
    frankysmom
    Member

    Hate to “bump” but @nelsont, any suggestions here?

    A director peaked into our file and it looked like for whatever reason, the calculations were not factored correctly. This should be an open and shut case, re-submit to underwriting. Instead, everyone seems to be playing hot potato and passing along the “burden” of correcting the error. Our MC won’t resubmit unless the director notes it in our file. I don’t know why the next logical conclusion isn’t to get confirmation from the director.

    Do you know if it’s against the rules to get in touch with underwriting or if that is even a possibility? We’re desperate here! This slower season may be our only chance at purchasing a home in our area.

    Sorry for the long spiel, but we’ve met our MRF since October, and I am desperate to be in a home in my old neighborhood before spring so I can take over the care of my ailing father. ATD is about to start up again so that won’t help matters.

    Thanks in advance for the response, hope your holiday is going better than mine.

    in reply to: Not qualified… Multi family (please help) #63509
    frankysmom
    Member

    It seems for whatever reason, the calculation was not factoring rent like @ttrumble said.

    Sounds like great news but still, there has been no movement on our file since this post. We are still stuck in limbo, our MC is a bit afraid for lack of a better word to resubmit unless she gets express permission to do so. We’re waiting for that permission stick to drop so far, nothing.

    I know it’s really easy to get lost in the shuffle and trying to be patient but if all our ducks are in a row, I don’t see why we can’t be resubmitted.

    I have been the politest of pests and still nothing. Tim, can you take a peak and advise?

    in reply to: Not qualified… Multi family (please help) #63106
    frankysmom
    Member

    Update, we were able to get a regional director to look into the situation.

    in reply to: Not qualified… Multi family (please help) #62998
    frankysmom
    Member

    I Figured as much Regarding The other questions.?

    Yes our MC told us per underwriting we were not qualified for a multifamily because my husband’s main income does not show the required 400 dollar landlord surplus fund. My understanding was that in the case of a multi family that 75 percent of rent can be included in the budget analysis and affordability. We are being told otherwise.

    in reply to: Not qualified… Multi family (please help) #62921
    frankysmom
    Member

    @ttrumble

    It would be so appreciated if you can take a look at our file. Thanks in advance for the response

    • This reply was modified 11 months, 3 weeks ago by frankysmom.
    in reply to: Multi unit conversions #62602
    frankysmom
    Member

    Proving interest in the property via a purchase and sale contract would be enough for the city.

    Too bad, per the many webinars, conversions are no longer permitted. That’s a shame.

    in reply to: BOA .5% Grant Deadline #62483
    frankysmom
    Member

    I have heard the same. Supposedly there will be another grant in the works for 2020 but who knows if it will be better terms. This one started as a 1% deduction and within a few months bought down to half a point.

    in reply to: Submitted to underwriting? #62181
    frankysmom
    Member

    Already confirmed she has everything needed! Is that a yes, there is a way to know? Thanks

    in reply to: Max buydown for BofA #61916
    frankysmom
    Member

    Fixed the error:

    On a loan of 540,000 with a rehab of 100,000 And contributing 43,200 to buydown…

    7 points = $37,800

    Max buyer buy down = 7 points – ($3,000) – (3% rehab escrow aka $3000)

    Therefore 31,800 is the actual maximum buy down. (Which translates to 5 points??? OR is this figure just for “overage” calculation below and am I still permitted to buy down 37.8K worth of points)

    43,2000 – 31,800 = 11,400 is the “overage” and that amount, lender will match? And NOT the full 7 points?

    If Tim, can chime in with If this program is still in existence. Thanks!

    in reply to: Max buydown for BofA #61915
    frankysmom
    Member

    My question was about the lender match not the .5 rate reduction.

    My area is considered high income, we are below 100 percent but not below 80. IIRC, for the .5 reduction, one must be at or below 80 and for the lender match (which is now defunct) one must be at or below 100.

    My math was indeed wonky because I was using the 5 percent limit.

    I found this from @timtrubble

    Points and fees limited to 7% for a NACA loan includes:
    • Interest rate buy down paid by the Member. Included are third party contributions to the Member, i.e. grants and gifts paid to interest rate buy down on the Member’s behalf.
    • The HAND fee – Files to Bank of America always 3% of the total funds held in escrow to complete repairs after closing.
    • Broker fees the lender pays to NACA – Bank of America loans – $3,000

    in reply to: Max buydown for BofA #61912
    frankysmom
    Member

    My mistake , I was looking at the wrong notes, 27k was for maximum of 5 points which is what I’ve also read on this forum.

    Math mistake, notwithstanding, my understanding was correct?

    Thanks for the response. I certainly hope the match program returns.

    • This reply was modified 1 year ago by frankysmom.
    in reply to: Max buydown for BofA #61909
    frankysmom
    Member

    Agh! Looks like I have been calculating the max buydown all wrong.

    Please help me out here. Is this correct?

    On a loan of 540,000 with a rehab of 100,000 And contributing 40,000 to buydown…

    7 points = $27,000

    Max buyer buy down = 7 points – ($3,000) – (3% rehab escrow aka $3000)

    Therefore 21,000 is the actual maximum buy down. (Which translates to 3 points??? OR is this figure just for “overage” calculation below and I am still permitted to buydown 27k worth of points)

    40,000-21,000 = 19,000 is the “overage” and the amount lender will match? And NOT the full 7 points?

    in reply to: Not closing on time #61883
    frankysmom
    Member

    Can you go to your local office or the nearest office? I would most certainly show up there and demand answers.

    in reply to: Conversion/Additions #61797
    frankysmom
    Member

    @nelsont can you find out what type of documents the architect had to submit? Structural drawings or construction drawings and did they have to be permit ready? Thank you in advance

    in reply to: HOEPA or BOA GRANT #61768
    frankysmom
    Member

    Whoa! When was the lender matching grant suspended? This is news to me.

Viewing 15 posts - 31 through 45 (of 99 total)
Follow us on Facebook RSS Feed Follow us on Twitter