Forum Replies Created
From what you describe, it sounds more like a property manager with an attitude than anything else. It wouldn’t be the first time I’ve seen a property manager or landlord refuse to fill out a VOR or provide other verification just to spite the tenant.
I’m with Nelsont. Go over his or her head. I have no doubt whatsoever that there is actually no such policy.
Last resort, dig back into your bank records and show the rental payments on your bank statements. Cancelled checks if you have them, too.
Any irregular deposit is going to require a Letter of Explanation, especially if it’s more than $100. This is for several reasons, among which is proving that you are not receiving directed funds from an outside source to create the appearance that you can afford more than you actually can, as well as requirements of the federal Ability to Repay regulations and anti-money-laundering rules enacted under the Dodd Frank Act.
Just note the irregular deposits on your bank statements, and write the letter(s). You’ll be fine.
I’m afraid I don’t understand what you mean by “the counselor marked us a Homewoner status”. Could you please clarify?
Your appointment was likely cancelled because of the virtual Achieve the Dream events we conducted for six straight weeks to accommodate the live events that were cancelled due to the pandemic. Every NACA counselor in the country participated in the virtual events. You could have registered for one of the online events, and can still register for one of the upcoming weekend online events, or call the local office or NACA member services to schedule a new appointment.
Sorry for the delay in replying. There is nothing that can happen after closing on your home that can affect a mortgage from NACA or anyone else, other than you moving out and breaking the owner occupancy requirement. It is YOUR home.
As a backup, you may email your documents directly to your file. Make sure they are in PDF format and attach them to an email. The email should not be more than 10mb in size, so use multiple emails if needed.
Send the email to emailXXXXXXX@nacalynx.com (the X’s represent your NACA ID number). This will get the documents in your file in a format your counselor can work with just in case the uploaded versions somehow did not make it.
I’m actually glad you asked about closings during the pandemic. How the offices have handled it has been both very creative and rather amusing.
A lot of the offices have literally conducted closings outdoors! They have taken a folding table and some chairs out on the sidewalk in front of the office. Other offices with larger conference rooms have put the documents on a clipboard and slid them across the conference table (like a beer in the saloon of an old western movie) to maintain a six-foot distance. And of course, masks, gloves and sanitizer have all been a part of the equation as well.
I saw your email in my inbox this morning and will address it later this afternoon.
Once you pay it off, make sure that you get a letter from the collector that you have settled the account and it is considered paid in full, and submit the letter to your file immediately. Also show on your bank statements where you paid it off. It will take two or three months for the payoff to catch up with the credit report, so getting the letter is imperative to avoiding a delay.
Had you made payment arrangements instead, you would have had to build a 12-month on time payment history before you could proceed, or the collection would have had to have been more than 24 months old to disregard it.
It almost looks as if you were confusing some very outdated information with current information. Up to a few years ago, we had a regional maximum purchase price based upon where you lived. That was done away with however and the only limits are your own affordability and the Conforming Loan Limits set by the feds.
BTW, the CLL amounts officially went up literally just yesterday. Most of the country had a CLL of $484,350 for a single family home. As of July 1, it is now $510,400, and amounts for multifamily properties and properties in high-cost areas also increased accordingly.
If your household income is less than the median income for the Metropolitan Statistical Area (MSA), you are considered a Priority Member and may buy anywhere in the MSA as long as it is under the limits noted above. If the household income is above the median for the MSA, you are a Non-Priority Member and may only buy in a Census Tract with a median income below that for the MSA.
BTW, one additional thing that changed effective yesterday is that NACA can now help you buy a home in all 50 states, not just the 39 states where we had been licensed previously.
In the NACA program, you are not authorized to go house hunting much less make an offer until your are NACA Qualified and have received your Qualification Letter. So do not make an offer on a home. You will only be setting yourself up for a huge disappointment.
Your first couple of posts in this thread seem to contradict each other a little bit. The first one only refers to intake prep, but less than 20 minutes later you refer to completing your intake session. Would you please clarify whether or not you have had your first meeting with a counselor and, if so, when?
Actually, the BOA grant is available to only a specific list of MSA’s (Metropolitan Statistical Areas), but the list is so long it’s not worth mentioning most of the time. The DFW metro does qualify for the program.
Have the counselor call our in-house helpline if he or she does not understand how it works. Don’t worry about it too much though. The system gives you the rate reduction automatically if you qualify.
The NACA program requires that the payment plan must have been in place 12 months, and paid on time, plus it must be added to the active debts, and thus your DTI, if there are more than ten payments yet to be made before it is paid off.
Your counselor was not guessing at all. There are indeed conditions in your file and it appears that is exactly what she went over with you. The fact is there is nothing out of order or suspicious with your file whatsoever.
If you did not see the conditions, it may be because of the browser you are using. Any time you enter your NACA webfile, please make sure to use Internet Explorer as your browser or the webfile may not display accurately, possibly cause yo not to see information that is in fact in your file.July 1, 2020 at 4:06 pm in reply to: Qualification conditions/ Lack of communication/Discouraging process #69969
Here’s the big question: Does your counselor KNOW that you are aggressively paying down your debt? Unless he or she knows and can be watching for it, all they will see is that your bank balance didn’t increase by the full $3000 that month.
There’s simply too much data in any given file for the counselor to spot something like that automatically. You must inform them so they can make sure it is accounted for when the file goes to the underwriter for approval.
BTW, you were right on the mark figuring that your Payment Shock will be the full payment amount for which you want to be qualified.
Remember, in the NACA process every i is dotted and every t is crossed, so you should never assume anything. Remember that your counselor is your partner, advocate and coach in getting you through the process successfully, so make sure he or she is made aware of everything that can affect your file.