Forum Replies Created
December 3, 2019 at 4:41 pm in reply to: Qualification Complete! On to Housing Search/Credit Access #62685
I knew it was too good to be true.. the website says we’re on housing search, and Member Services agrees, but our MC says we’re not Qualified and shouldn’t expect to be qualified before the new year. I am pretty upset right now – I hope the office manager gets back to us soon.December 3, 2019 at 11:58 am in reply to: Qualification Complete! On to Housing Search/Credit Access #62672
Ahh, okay, thanks for the clarification.December 3, 2019 at 11:35 am in reply to: Qualification Complete! On to Housing Search/Credit Access #62670
So I’m just waiting to hear from our MC with that letter then.. We have been working toward a specific property already, and have a Realtor already who has worked with NACA, so all of that is essentially done. Our Action Plan was tailored around the property ever since we went to ATD. Hopefully it’s smooth sailing. We’ll have to get to that workshop ASAP.
Thanks for the info, @tricey718 . Looks like they’re definitely a little behind.November 29, 2019 at 1:10 pm in reply to: Off to Underwriting – Grant & Rate Lock Timing Questions #62576
Tip for anyone else today: The offices are all closed. Looks like I’ll keep my britches on until Monday.November 29, 2019 at 9:53 am in reply to: Off to Underwriting – Grant & Rate Lock Timing Questions #62574
So it’s coming up on the end of the second week since we were submitted.. I figure with the holiday it may take a little longer than usual to hear back, but this is Day 11, so I’m, of course, getting nervous. When should I call again? I don’t want to harass anyone, but I do recognize the importance of self-advocacy in this program.
I can’t see why NACA would have anything to do with it. You’d be renting the property from the current owner. I don’t know of any rule saying you can’t buy the property you’re renting. Hopefully someone more experienced than I am could answer.
If the home is vacant now, and you’re confident the sale will ultimately go forward, consider asking the Seller to rent and occupy the home early – that will resolve the issue with not being able to extend your lease. You still have plenty of time to close in December, though. Good luck!
I noticed my status changed to “Qualification – Pending” on the webfile right away, but since Tim mentioned it, I just called Member Services to verify and in about 30 seconds a lovely woman named Alice confirmed everything our MC had told us.
Excellent! That was my going in assumption, but both our MC and the MC next to us and another MC that came over all said we couldn’t buy down if not under 80%. I remember this all very clearly because my mother was devastated and nearly in hysterics, and then we came in at 79.9%. I am very glad to hear that feature is, in fact, open to everyone.
Thanks very much! We’re in DC MSA. We’ll actually be closing in March, so hopefully the grants are available again in some form by then. A few points though:
1) At ATD we were explicitly told we had to take the 1% off free but could not buy down further.
2) We were told if you are above 80% you cannot buy down at all.
There seems to be some conflict here? Those words came directly from an Underwriter.
You actually answered my question about which income numbers are used perfectly in terms of the HSA vs. 401k. Given that my income isn’t perfectly steady – I work on commission – how could my current numbers be used to create an annual income? When we went to ATD it was definitely before the new numbers were out, and he definitely used our W2 totals to check for the 80% threshold.
In terms of the house, we’re buying new construction, so we’re 100% with everything except the final NACA qualification process, which we should be able to start in October and be finished with as soon as NACA can get it done basically.September 4, 2019 at 2:19 pm in reply to: A few questions before my intake – Lender Match, New Credit Lines etc #58876
Just a small correction, @nelsont – If you are eligible for the 1% BOA program, you actually cannot choose, and you must take the 1% instead of being allowed to buydown further – per the UW at the ATD event we went to. It was a disappointing surprise since we were able to buy our rate down to the minimum if not for the extra 1% program.
@Nelsont I think I see our miscommunication here.. we’re talking about qualifying for Priority status with NACA, not for the amount of the loan. You’re absolutely right, paystubs are used for verifying your income for the payment/loan amount. When threads are talking about Median Income, we’re talking about qualifying (or not) for Priority status with NACA.