frankysmom

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Viewing 15 posts - 76 through 90 (of 99 total)
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  • in reply to: Seasoning gift fund #48574
    frankysmom
    Member

    @southflorida @pratik, what were your experience? I go to ATD in 7 weeks and want to be sure gift funds are good and ready, thanks!

    in reply to: Maximum income limit #48378
    frankysmom
    Member

    Hi @Newbeginning23

    I saw that you found 3 grants in NYC, did they go through? If so, what were they? Thanks and congrats on the home purchase.

    in reply to: Teachers and summers off #48330
    frankysmom
    Member

    Looks like this got lost in the shuffle, any educators want to chime in with their experience?

    in reply to: Grant compatibility #48273
    frankysmom
    Member

    Thanks! Email sent, subject line has “frankysmom” in it.

    in reply to: Purchase workbook vs qualification workbook #48261
    frankysmom
    Member

    I think I found out my miscalculation.

    (Net income + rental income) minus ( monthly debt + 400 landlord fund + monthly household expenses)

    I included debt in the household expense as well as rent when household expense is only, (living expenses + walking around cash + yearly expenses)

    Is that right?

    in reply to: Grant compatibility #48200
    frankysmom
    Member

    Hello again

    May I send you the term sheet to a grant. At first I was told NACA clients outright are not eligible. After escalating it to higher ups, I am now being told they don’t have a policy against NACA “per se” but their term sheet might be an issue. Would you mind seeing if there is in fact anything that would prohibit its use with NACA. Thank you.

    in reply to: Teachers and summers off #48185
    frankysmom
    Member

    ETA

    How is monthly gross calculated in this case? A) Gross Yearly/10 months or B) Gross yearly/12 months

    If yearly/12 would working a second job (Must this job be in same field for at least 1 year? or does it not matter?)
    with income equal to or greater than yearly/10 qualify for figure “A”?

    in reply to: Acceptable payment shock source #48169
    frankysmom
    Member

    Essentially we cannot touch /withdraw my income amount?

    Many apologies for being Colombo (aging myself) with a dunce cap. ATD is coming up soon and don’t want to bungle this opportunity. Thanks for all your work.

    in reply to: LTV calculation #48130
    frankysmom
    Member

    Thank you, Tim. I understand the value of buying down the interest. It is just that the grant I would like limits the LTV at 97%

    Thanks.

    in reply to: LTV calculation #48111
    frankysmom
    Member

    Oh boy, For the Amount of house we are looking to buy, each point would be at least 7K.

    Does NACA prohibit an out right down payment? Or Is the only way to bring down the loan amount is to buy down interest first to the max THEN anything in excess would go to principal?

    in reply to: Acceptable payment shock source #48093
    frankysmom
    Member

    Please bare with me, so,

    Only husbands income can be used to qualify us.

    Since we have joint accounts, Underwriter would say, hubby nets $3,000 and if $2000 goes to expenses and miscellaneous, leaving $1000 then only that amount can be counted towards shock? And My income is neither here nor there as far as that calculation.

    BUT at the same time, the sum total of all of our accounts must result in the minimum payment shock?

    How much parsing does UW do? If I paid a utility bill with my deposits will that amount be subtracted from the shock since it “should?” come out of his funds only?

    Sorry for all the questions, i don’t want to miscalculate shock and ruin our chance.

    in reply to: Acceptable payment shock source #48068
    frankysmom
    Member

    My parents and siblings are gifting us with the MRF. Besides the MRF how can my income be used in the most impactful way? I’d only be able to use my income To pay off debt (credit cards) only and not utilities, correct?

    If I am understanding correctly, recurring monthly bills will still be factored as an expense from my husband’s income thereby having zero impact.

    in reply to: DTI and multi family purchase #48048
    frankysmom
    Member

    How does the landlord fund of $400 factor into it, if it does?

    DTI is 31% (mortgage payment) + 9% (Debt: loans and credit cards)

    in reply to: Defaulted student loans #48041
    frankysmom
    Member

    Thanks to both of you!

    My husband called and they will accept IBR payments of just $5 to our shock. And even more shockingly, they said after only 3 months of making payments, he will be in good standing.

    I’be read 2 things on this forum regarding loans, 1. IBR letter is sufficient and 2. Some underwriters go by standard payment plan instead. (My husband is not eligible for a standard payment plan. ) what determines which option is sufficient? Is it under the discretion of underwriting?

    We just might not have to hold off on attending ATD after all. Thanks in advance.

    in reply to: Defaulted student loans #48012
    frankysmom
    Member

    Update of sorts; my husband requested his credit report (trans union, ) and the loan does not appear on any of the reports. The loans are 15 years old.

    Does that change things? @southern-Lillies @ttrumble

Viewing 15 posts - 76 through 90 (of 99 total)
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