frankysmom

Forum Replies Created

Viewing 15 posts - 61 through 75 (of 99 total)
  • Author
    Posts
  • in reply to: MRF/action plan discrepancy #58734
    frankysmom
    Member

    Thank you, Nelson, that was quite helpful. You’ve been a Godsend!

    in reply to: Grants for MRF #58721
    frankysmom
    Member

    Grant money does indeed count toward your MRF just as any other gift would do. It does not however count toward and Payment Shock Savings you may required to save.

    http://forums.naca.com/?topic=grants-received-and-mrp

    The above was from Tim in 2018 saying otherwise which is why I asked. I understand that it doesn’t count towards shock. Thanks

    • This reply was modified 1 year, 3 months ago by frankysmom.
    in reply to: Budget #58708
    frankysmom
    Member

    Hello,

    For some reason I cannot find the online budget in my web file. Where is it located ?

    in reply to: Buying in Long Island , New York #58628
    frankysmom
    Member

    2bfree, would you mind sharing the contractors you got to bid on your project? And architect if you had one, I started inquiring and a number of GCs prefer not to work with NACA in NYC.

    (Sorry for piggybacking but it’s rare to find a N.Y.C member!)

    frankysmom
    Member

    Sorry this is happening to you. One thing I’ve learned here is to not be afraid to escalate to a regional director. Don’t be afraid to voice concerns to higher ups.

    Are you referring to the new 1% discount rate? What region are you in?

    in reply to: Requesting change of counselor #50525
    frankysmom
    Member

    Thanks Tim, I finally found DPA that works and it’s only good through the end of the year so dealing with that time crunch.

    in reply to: Unaccounted Paystub an Issue? #50336
    frankysmom
    Member

    It wasn’t a transaction, I just handed over my checks to him so there’s no bank record or anything from my enend.

    • This reply was modified 1 year, 3 months ago by frankysmom.
    in reply to: Unaccounted paystub issue? #49643
    frankysmom
    Member

    Forgot to add, I just started working in April of this year so my income isn’t being used to qualify just MRF.

    in reply to: Federal employees grant #48928
    frankysmom
    Member

    Or How talks with Wells Fargo are going? It would be amazing if they have a change of mind!

    in reply to: Grant compatibility #48893
    frankysmom
    Member

    Hi, I didn’t find anything. I also learned that HPD simply does not want to work with NACA and it seems they even changed their term sheet to make it impossible.

    in reply to: New York Dreaming #48868
    frankysmom
    Member

    Hey! Fellow New Yorker here. What borough are you looking to buy in?

    Is the amount less than what you currently pay in rent? We’re you not able to establish rent history?

    Keep in mind that if you would like to qualify for more than your current rent, you have to establish “payment shock” for at least 3 months. That is, save the difference between current rent and desired mortgage. Also note, that amount can not exceed more than 31% of your gross income.

    Lastly, your Debt to Income ratio can affect your qualification amount. Your DTI + the 31% cannot exceed 40%

    in reply to: BOA new multifamily reserve guidelines #48802
    frankysmom
    Member

    I know! This would set me back for sure, if true.

    Can anyone who has recently gone through the process confirm or deny?

    in reply to: Neighborhood Stabilization Fund Disclosure #48801
    frankysmom
    Member

    Hi, I remember your post, I see you were able to use it! What did you have to do/ who did you have to speak to? Thanks

    in reply to: BOA Grant #48644
    frankysmom
    Member

    I’m sure Tim has a better point of contact that little ole me but I too am interested in this grant and have contacted BOA and am awaiting a response.

    in reply to: Seasoning gift fund #48604
    frankysmom
    Member

    That should read, I will deposit the check she writes to me.

    That being said, how long should it sit in her account if it must and how long must it season in mine to be eligible as MRF? Thanks!

Viewing 15 posts - 61 through 75 (of 99 total)
Follow us on Facebook RSS Feed Follow us on Twitter