TTrumble

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Viewing 15 posts - 16 through 30 (of 6,744 total)
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  • in reply to: Qual amount discrepancy #71096
    TTrumble
    Member

    Hello SBul_81,

    To put it simply, you are either misreading things, you have a serious affordability problem, or your total debt including your desired mortgage payment is really that small.

    Then only way your DTI shows up under 40% is if your total debt, including the desired mortgage, is actually under 40%.

    The only two ways the housing ratio is under 31% is if your other (non-housing) debts are greater than the 9% difference between the maximum DTI and HTI (40%-31%=9%) or your desired mortgage payment is less than 31%. Since you say your total DTI is only 28%, the excessive debt option isn’t possible.

    So either you have very little debt and desire a very small mortgage payment, or you are misreading something. Debt and housing ratios rarely are very rarely that small, but the fact you have no Payment Shock would limit you to a housing ratio no larger than that of your current rent, so it does add some credibility to the possibility of the desired payment being that small.

    “Clerical error” isn’t an option either since the computer determines those figures.

    I’m afraid you have a genuine mystery on your hands until your counselor responds. Keep emailing until you hear something back, and let us know what you find out.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 1 week, 1 day ago by TTrumble.
    TTrumble
    Member

    Hello coquipr79,

    The Remote Counseling team have their own appointments and are equally booked up as your local office.

    You are actually extremely fortunate to have an appointment scheduled so soon. Our Atlanta office is booked five months in advance and several others are at four months. The demand for our program is literally that huge, and there’s just no hurrying the process.

    The two things you can do are to email your counselor and remind him or her that everything is in the file and ask them to review the file at their first opportunity, and contact the local office and ask to be notified if there is a cancelled appointment that you can take to get your file reviewed and submitted to underwriting.

    There are literally that many people coming to NACA, and we are not allowed to turn away anyone who wants to start the program. We apologize for the wait times between appointments that some people are facing, but the NACA staff has been going nearly non-stop since the beginning of the year. We didn’t even slow down when the pandemic struck. We’ve streamlined the process, hired hundreds of new counselors, created the Remote Counseling program and even found a way to keep ATD events going virtually after the pandemic hit. We actually sent more bank applications to Bank of America in July than any other month in our history. In spite of all that, the demand continues to increase at every turn.

    All that means that patience is the only real answer here. There’s no “second channel”, no leapfrogging ahead, no end run around the system. When a member has an appointment scheduled, it’s the very first one available, period. It’s simply the only way to handle the incredible demand for what we do.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: NACA Timeline during Pandemic #71091
    TTrumble
    Member

    Hello kjenkins79,

    CONGRATULATIONS!!!!!

    You prove to everyone that if you stick with it and simply never give up, you will become a homeowner through the NACA program. Extremely well done.

    Enjoy your home!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Sooner date for Intake process? #71058
    TTrumble
    Member

    Hello Ozioma06,

    Unless you specifically request otherwise, our members are always given the first open appointment available.

    I think a lot of times, people don’t quite grasp how massive the demand for the NACA program really is. There are at least six offices I can think of where an appointment four months out is probably normal right about now.

    This is why we created the Remote Counseling program and the Achieve the Dream events, to alleviate some of that burden and work with as many people as possible in the shortest amount of time without compromising our principles.

    It’s also why I keep preaching that patience and persistence are the two most powerful tools you have in the NACA program.

    You can register for an appointment at an upcoming Achieve the Dream event. right now, there are a few slots open for the last weekend in October, but that’s about the same time as your baby is due. You can also call the local office and ask to be put on a waiting list if there should be an appointment cancellation.

    Beyond that, I’m afraid there isn’t much that can be done. You best bet is to focus on being over-prepared for your appointment to eliminate any unnecessary additional appointments after that.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Can you switch over to NACA from another lender? #71055
    TTrumble
    Member

    Hello nitromiles,

    Wow… “the man, the myth, the legend: @TTrumble!!”…

    Boy have I got YOU fooled! LOL 😀

    Actually starting with the builder’s lender and switching to NACA is very commonplace.

    Just FYI even though my crystal ball has been in the shop for a while, these amazingly low rates we are seeing right now should stick around for the rest of the year by all expectations. You should be in pretty good shape. Remember that in the NACA program your rate locks in at the point you submit your bank application and be mindful as your journey continues.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Differing Closing Dates on Bank Statements #71053
    TTrumble
    Member

    Hello pvrosales,

    I’m afraid that you are describing a common problem that doesn’t actually exist. Don’t take this the wrong way, but the real issue here is the inconsistency of when you pay bills and transfer funds.

    As you noted yourself, “sometimes I make these transfers before the 8th or after the 8th”. The real solution here is developing the habit of consistently doing this before the 8th or after the 8th each and every month. Then you get consistent results month to month regardless of the closing date on any given account.

    Doing so will also demonstrate a higher level of financial discipline, which is a key element in showing that you are ready for the responsibility of homeownership.

    The old saying goes, “the simplest solution is the best solution”. So instead of dealing with reworked account statements, spreadsheets and LOE’s, just develop the habit of taking care of the bills and transfers on a consistent date each month.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Builder doesnt want to use different title company #71052
    TTrumble
    Member

    Hello Prof1914,

    Most likely regarding those “recent NACA closings”, the builder managed to convince the buyer to use the banned title firm and probably didn’t disclose that the buyer has the right in Maryland to choose the closing agent.

    As such, they may have convinced a NACA buyer that they had no other alternative and the buyer forced us to use them to comply with the law. Just to make it clear, it wouldn’t have been a matter of our giving the permission, but simply NACA’s adherence to the law. They may have done a NACA closing recently, but it would have been with very begrudging permission just so we stay within legal boundaries. Sadly, somebody wound up paying what normally would have been already-covered closing costs for the closing agent.

    Of course they are playing games to try and wear you out. “Their” lender is a major profit center for them, even with the “incentives”, which are themselves a profit center if purchased outside the incentive package.

    The bottom line is that YOU have the final say. That being the case, keep fighting and negotiating with them. This should be a rare opportunity to have your cake and eat it too.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Paying debt @ closing #71050
    TTrumble
    Member

    Hello dayna,

    Your NACA loan may only be used for the purchase of and repairs/rehab for your home. No other expenses or obligations can be included.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Voter Registration Upload #71001
    TTrumble
    Member

    Hello dayna,

    Simply bring it to your counselor’s attention. He or she can correct things on this end.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Web File Status Problems #71000
    TTrumble
    Member

    Hello RAnthony,

    If you are still having those same problems, please email me some screenshots showing me what is happening and I’ll see what I can do for you.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Can you save progress on the Webfile? #70999
    TTrumble
    Member

    Hello TexasGirl,

    You should allow 24 hours for your document upload to fully process through the NACA Lynx system. There is no “save” action needed, just a little time, especially if you have uploaded a larger group of documents.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: NACA case timeframe #70997
    TTrumble
    Member

    Hello Yakrie,

    By federal law, we are required to maintain your file permanently.

    Unless the pandemic has had a direct effect on your financial situation, you might want to reconsider waiting. Interest rates are presently at what may be the lowest they have ever been, and are anticipated to stay that way at least through the end of the year.

    While the inventory of homes for sale is low right now, which is bolstering prices, some people are of the opinion that will turn around in the next few months. It could potentially create a “perfect storm” for homebuyers toward the end of the year.

    Even if that does not materialize, it is rather simple to maintain your qualification once it has been received. That would allow you the flexibility of waiting if you want or need to, but also be able to act immediately if you should suddenly find just the right deal.

    Not trying to twist your arm here, just providing some food for thought.You don’t know what bumps in the road might occur once you restart the qualification process that could cause delays, so in a lot of ways it’s better to go ahead and get the job done and simply keep your file updated to maintain it.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Student Loan Repayment Program #70992
    TTrumble
    Member

    Hello 40Acres2020,

    If you are in a documented loan rehab plan with the loan servicer and have made six consecutive months of on-time payments as defined by the rehab plan, we will consider the loan sufficiently rehabbed to proceed with qualification. Based on what you wrote, you should be good to go in September.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Someone explain #70987
    TTrumble
    Member

    Hello jkp2020,

    Just to clarify a couple of things, your “ideal” monthly savings amount would be $279.

    The first $79 is your actual Payment Shock, the truly required savings each month, the difference between your current rent and your desired mortgage payment (not necessarily your maximum payment).

    The extra $200 will accomplish two functions: 1) It will help you build a buffer or emergency fund, and can also be how you build your MRF to take care of required reserves, initial taxes and insurance at closing, inspections, earnest money, etc. 2)It also demonstrates that you will not be “cash poor” when you close on the home and there will be extra cash left over each month to save for emergencies or invest for kids’ college funds, retirement, etc.

    (Actually, the “secret” third feature is that it creates some wiggle room against accidentally missing that $79 amount if you miscalculate things one month.)

    Remember that to demonstrate whether or not you have saved your Payment Shock each month, you must add up the ending balances for ALL your bank accounts each month, then compare it to the previous month. It is that SUM TOTAL of all accounts that must increase by at least $79 each month compared to the month before.

    The $79 is your official Payment Shock, but savings in excess of that are a very powerful tool in showing that you are managing your money well and building toward a solid financial future after you close.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Can I qualify in 6 months? #70957
    TTrumble
    Member

    Hello ReadyToBuy2020,

    I’m afraid you have a bit of a wait before you can be qualified. Being self-employed will require a longer waiting period because of the Payment Shock Savings requirement.

    Because you are self employed and living with a family member, you must save 100% of your desired mortgage payment (i.e. the entire $1800) each month for a minimum of twelve months, documented through your bank statements, to prove your ability to make the payment each month without fail.

    You will also need to provide both your personal and business tax returns for the last two years.

    Make sure to keep the ATD appointment even though it won’t quite be six months yet. Your counselor will help you make sure you get everything taken care of so we can get you submitted for qualification as soon as you get the twelve months of savings achieved.

    It is a bit harder for self-employed people to qualify, but that’s only because the income verification standards have to be more stringent for what should be obvious reasons. Based on everything you have written though, you will be okay. Just be determined, try to be over-prepared, don’t give up, follow what your counselor tells you, and you will be fine.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 15 posts - 16 through 30 (of 6,744 total)
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