BakerTheBaker

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Viewing 15 posts - 151 through 165 (of 190 total)
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  • 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.

    in reply to: Qualification Complete! On to Housing Search/Credit Access #62672

    Ahh, okay, thanks for the clarification.

    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.

    in reply to: Qualificaiton – Pending (Still) #62615

    Thanks for the info, @tricey718 . Looks like they’re definitely a little behind.

    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.

    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.

    in reply to: Appraisal Update #62561

    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.

    in reply to: Appraisal Update #62558

    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!

    in reply to: Submitted to underwriting? #62390

    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.

    in reply to: Current Buydown Options #62227

    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.

    in reply to: Current Buydown Options #62222

    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.

    in reply to: 2019 MSA Numbers & Qualification #58911

    Thanks, @nelsont!

    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.

    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.

    in reply to: How, and When, Exactly, is Income Determined? #49877

    @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.

    in reply to: How, and When, Exactly, is Income Determined? #49851

    @nelsont Are you sure about that? That’s definitely not how it worked when I was at ATD. They wanted the W2s for qualification and the pay stubs to ensure income remained the same.

Viewing 15 posts - 151 through 165 (of 190 total)
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