TTrumble

Forum Replies Created

Viewing 15 posts - 16 through 30 (of 6,790 total)
  • Author
    Posts
  • in reply to: Need to be qualified by a regional manager #72011
    TTrumble
    Member

    Hello nataperez,

    This is a topic I’ve never been asked about before. However, in general, you should be okay as long as you have your US federal income tax returns for the past two years and bank statements for at least the past 12 months (though I would suggest 24 months in your case just to be thorough).

    The question crossing my mind is how you documented the income for the tax returns other than your bank deposits. I would suggest obtaining a letter from the source of your income/employer as additional verification.

    The best approach is to be over-prepared. Since most people either use a W2, 1099 or profit and loss statement when applying for a mortgage, they do not realize that the US actually has some rather strict laws on proving your source of income, especially since the passage of the Dodd-Frank Act a decade ago. This is not only to prove the ability to repay the loan, but that the income comes from a legitimate source not associated with money laundering or other illegal activity. So you would be well advised to think in terms of there being no such thing as too much proof.

    Don’t be afraid to put in some extra effort and you should be fine.

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 3 weeks, 6 days ago by TTrumble.
    in reply to: Request Reassignment of HC #71970
    TTrumble
    Member

    Hello Homebuyer23,

    The number 606-230-6222 is not the number of a local NACA office. It is an outbound-only phone line originating in our phone network, which you probably saw on your caller ID when receiving a call from us. Please call NACA Member Services at 425-602-6222 Monday through Friday from 8:30 am to 5:30 pm Eastern Time for assistance.

    Tim Trumble
    Online Operations, NACA

    in reply to: Grants in NC that work with Naca #71958
    TTrumble
    Member

    Hello butterflysky,

    Grant programs, while almost always federally funded, operate at the local level rather than statewide in nearly every case. Therefore, you should check with your counselor regarding programs for the specific area in which you want to buy.

    Tim Trumble
    Online Operations, NACA

    in reply to: Participation during Pandemic – Reposting #71903
    TTrumble
    Member

    Hello the patties,

    Please have her contact me directly at ttrumble@naca.com with the information.

    Tim Trumble
    Online Operations, NACA

    in reply to: rental/employment verification #71895
    TTrumble
    Member

    Hello brybass,

    VOE and VOR forms are specific to each individual file. NEVER send a link to your (or anyone’s) forms to another person!

    Not only will the link probably not work, you are also possibly granting access to someone else’s (even your own) personal information!

    Tim Trumble
    Online Operations, NACA

    TTrumble
    Member

    Hello lazysusan,

    The bottom line is that the same amount of money applied to interest rate buy down in the NACA program will always be about three-to-five times time more effective in reducing payment amount (and total interest paid) than a simple principal buy down (aka, down payment).

    People very frequently don’t realize just how much interest they pay on a loan, both at the beginning of the loan and over time.

    Over thirty years, using today’s rate (2.625%) on a thirty year loan of $200,000, five points ($10,000) of buy down will reduce the interest rate to 1.375%. That’s $678.31 in principal and interest payment each month and over the life of the loan you will pay at total of $44,191 in interest.

    Using that same $10,000 for principal reduction instead, you have a $190,000 loan at 2.625% interest. Principal and interest payment each month is 763.14 and a total of $84,729 in interest over the life of the loan.

    Therefore, using the interest rate buy down function, you save $84.83 per month and a total of $40,538 in interest compared to using the same funds for the down payment.

    (Taxes and insurance have not been factored in since they are the same in both examples.)

    Very simply, buying down the interest rate is ALWAYS the better way to go.

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 1 month, 1 week ago by TTrumble.
    in reply to: Web File Status Problems #71821
    TTrumble
    Member

    Thanks for the follow up!

    in reply to: Webfile Editing #71820
    TTrumble
    Member

    Hello bejee99,

    Once entered, major information of this type cannot be altered or deleted by the member for security purposes. your counselor can make all the adjustments necessary during your counseling appointment. Simply re-enter any information correctly and the counselor can make any adjustments for you during the appointment.

    Tim Trumble
    Online Operations, NACA

    in reply to: Payment shock #71725
    TTrumble
    Member

    Hello miahow1,

    You will need to discuss this with our counselor to determine for sure if it can be counted toward Payment Shock. While funds used to pay down debt can normally be counted toward Payment Shock, your situation seems a little different than usual, especially with the emergency expense around the same time. Your counselor will have to take a detailed look and let you know for sure.

    Tim Trumble
    Online Operations, NACA

    in reply to: Can loan be denied after final clear to close? #71723
    TTrumble
    Member

    Hello Genny13,

    Calm your fears. No Close to Closing Crazies allowed 😉 .

    If your final CTC has already been given, you will be fine. Just for the sake of being thorough, go ahead and prepare an LOE along with some supporting evidence such as a copy of the order, emails between you and Amazon/the credit card company, and so on.

    At this point though, I doubt anyone will look at your accounts again before the closing, so don’t even submit them to your file. Keep them handy, and even bring them with you to the closing just in case. Otherwise, don’t say a word about it and just let the process work.

    Odds are you’ll close without anyone even asking about it. On the off chance that they do, you’re prepared.

    Let me be the first to say CONGRATULATIONS!!!!!

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 1 month, 2 weeks ago by TTrumble.
    in reply to: Workmans Comp #71600
    TTrumble
    Member

    Hello ltooks,

    Make sure you document the injury, diagnosis and prognosis very well in your file along with a Letter of Explanation, and make sure to keep all the bills paid on time, Once you return to regular income, we should be able to essentially look past it.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: job change in midst of process #71570
    TTrumble
    Member

    Hello Futurehomeowner6,

    In short, no gap, no problem. All you need to do is get 30 days of paystubs in your file and you’re good to go.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 1 month, 3 weeks ago by TTrumble.
    in reply to: Land Survey #71569
    TTrumble
    Member

    Hello Kristijay,

    Land surveys are not included in the purchase of a home through the NACA program. In fact I have never heard of one being specifically needed for a new construction home in a builder’s development. Unless this is some sort of custom build on land that is being purchased specifically for this home, you may be dealing with a builder who is just trying to get an additional $400 out of your pocket.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Can I sell my possessions to acquire MRF? #71563
    TTrumble
    Member

    Hello F_Perkins,

    Selling possessions to generate funds for your MRF is certainly acceptable. You will simply need to explain the one-time deposits to your bank accounts and probably write a Letter of Explanation to clarify how you obtained those funds.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: BOA and Michigan Grants Experience #71562
    TTrumble
    Member

    Hello LindaD87,

    There are hundreds of such programs around the country, with most of them being community-based, so where you are planning to buy will determine what programs may be available.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 15 posts - 16 through 30 (of 6,790 total)
Follow us on Facebook RSS Feed Follow us on Twitter