TTrumble

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Viewing 15 posts - 31 through 45 (of 6,744 total)
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  • in reply to: My NACA Problems & Issues #70526
    TTrumble
    Member

    Hello CommonCents,

    For the sake of clarity, 401k contributions MAY be counted as part of Payment Shock Savings. “If the Member is using the 401k contributions to document Payment Shock Savings, a commitment letter from the member indicating the contribution is voluntary and they are willing to stop it or reduce it if they were to need the funds to make the mortgage payment.”

    You can continue with the ATD events all you want, but you must still have a permanent counselor assigned, and that person will be from either the local office or Remote Counseling at the National Counseling Center. Additionally, once you are qualified, yoru Mortgage Consultant must be licensed for the state in which you are going to buy, which could potentially put you back in the local office again.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Multi family Reserves #70521
    TTrumble
    Member

    Hello easy_breezie,

    Here it is straight from our Policies and Procedures:

    “Members must demonstrate they have the reserves saved prior to NACA Qualification to cover four months of mortgage payments for Members purchasing two-unit dwellings, five months for three-units and six months for four-units”.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: HAND and old asbestos tiles #70520
    TTrumble
    Member

    Hello TJBalt,

    You should not any problems with leaving the tiles in place. In fact some communities actually prohibit the removal of asbestos tiles because of the hazardous environment it would create. Covering over the existing tiles with new flooring is in many cases the best and simplest way to deal with it if you are just not comfortable with the tiles.

    In short, if they got flagged, it had to be for a reason just beyond the potential of the tiles containing asbestos. Make sure you find out the reason for it and also check you local building codes regarding what is required or allowed where dealing with the tiles are concerned.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Close to closing #70519
    TTrumble
    Member

    Hello bigapplelove,

    As your workbook notes, you must keep your pay stubs and bank statements updated right up until the time you close on your home. This is crucial because this is demonstrating that you are still meeting the Ability to Pay laws right up to actually closing.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Scheduled Appointment Canceled! #70517
    TTrumble
    Member

    Hello sneakerz4me and applepie,

    The important thing is to be proactive and not wait around. Call your local office or NACA Member Services and get rescheduled at the very first opportunity. Tell them you got bumped for the post-event day off and ask them to get you the very earliest thing possible.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Scheduled Appointment Canceled! #70492
    TTrumble
    Member

    Hello all,

    Well, I should have known the answer to that one off the top of my head. This Saturday and Sunday will be the first virtual ATD event since we did the series of six back-to-back weeks of five-day events. Since the virtual events involve the entire national staff, local offices are going to be closed on Monday so the staff gets at least one day off, just as we did with the initial six weeks of events.


    @MNWilson
    , please refer to the email you have been sent.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Modular Homes #70483
    TTrumble
    Member

    Hello K.M8991,

    The key issue is whether or not the additions you want to make will increase the value of the home by at least the cost of the project. We give you a little wiggle room with the 110% LTV ratio when upgrades are included, but the specific improvements themselves will determine what can and cannot be done. The items you listed will probably be good to go, but that’s up to the HAND department to say for certain.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Scheduled Appointment Canceled! #70482
    TTrumble
    Member

    Hello MNWilson,

    There’s no event scheduled for Monday. Please forward that email to me.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Received Clear to Close but Not Final CD #70481
    TTrumble
    Member

    Hello Hewilldoit,

    Actually, the rule you are thinking of under the TRID regulations is that the final CD must be issued three days before closing. It doesn’t really matter when you receive it.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Entered Co-borrower name incorrectly in Webfile #70477
    TTrumble
    Member

    Hello pafranco44,

    Go ahead and start uploading. Your counselor can make the correction during your intake session. It shouldn’t be a problem at all.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Received Initial CD, what is next? #70413
    TTrumble
    Member

    Hello Hewilldoit,

    I can’t describe the exact procedure since that’s actually done by the bank, but rest assured there is a way to satisfy the VVOE requirement through The Work Number. BOA does it literally every day.

    The next thing you will probably see is the final CD, then the Clear to Close.

    Got the moving truck ready?

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Unable to upload more documents to my webfile? #70407
    TTrumble
    Member

    Hello jennymh5,

    If you are having trouble with the direct upload method, try emailing your documents into your file.

    Make sure all the documents are in PDF format and attach them to an email addressed to emailXXXXX@nacalynx.com. The X’s represent your NACA Member ID Number. So if your ID number were 1234567, you would send the email to email1234567@nacalynx.com. Try not to let the email get larger than 10mb so it doesn’t get blocked by any filteres between here and there.

    You can call NACA Member Services the next day at 425-602-6222 to verify that they were received in your file. The only difference is that your counselor will have to manually move them into the proper places in your file instead of them automatically showing up there.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Not able to get in touch with counselor #70403
    TTrumble
    Member

    Hello randyrandula,

    Sorry to read of the bumps in the road. You certainly did the right thing by getting the new MC to recalculate your income and not just accepting what he sent you to sign. The great thing was that you knew there was a legitimate reason for the numbers to be different, unlike a lot of people who want it all redone just because they want a bigger approval amount even though there’s not grounds to to qualify for it. You were an excellent example of patience and persistence.

    Gotta correct you on something though. You statement “Exactly the same salary, He had his intake session with a MC from New Jersey itself and got qualified within three days, he did not have to give one third of the documents i have to provide, such as rent verification / income verification from work, he was qualified by just looking at the pay-stubs” simply is not accurate.

    First, nobody can compare their file and their circumstances to anybody else’s in the NACA program. It’s one of the things we talk about a lot. Everybody’s file is different. The fact that your friend’s file was handled by a counselor from the Newark office had absolutely NOTHING to do with him getting qualified in three days. Plus your friend absolutely DID provide Verification of Rent and Verification of Employment. Even if the qualification was at an ATD event, the VOR and VOE must be in the file before he can make an offer on a home. Nobody is EVER qualified on just their pay stubs.

    So, a) your friend had to meet exactly the same standards as you and b) where the counselor was from had nothing to do with it.

    Have you gone into your NACA file online or called Member Services and scheduled an appointment with your counselor? If not, do that now. That way, at the very least, you’ll have a date locked down with the counselor. Make sure your documents are all up to date, and email your counselor once a day to remind him you need his help to get submitted to underwriting. More of that patience and persistence channeled the right way will get you going again.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Priority status when buying in different state #70394
    TTrumble
    Member

    Hello bella427,

    Your priority or non-priority status is based on the MSA in which you will be buying, not necessarily the one in which you presently live.

    The real issue you need to discuss with your counselor is whether or not residency will need to be established in the new MSA first, especially since it is across a state line from where you presently live.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Affordability Amount #70349
    TTrumble
    Member

    Hello Nikkiw843,

    Increasing income or reducing debt are the only two ways to increase your approval amount, plus increasing income can take a while depending on how you are making that increase.

    If you use MRF to pay down on debt, you will need to rebuild those funds to at least the amount your counselor gives you before you can be sent for Credit Access Approval.

    The thing you really need to be asking yourself though is if you aren’t trying to buy more house than you can really afford? You’re already above the median household income for your area and the five-point buy down limit won’t give you the purchase amount you want. Plus, based on what you have written, you have enough non-housing debt that it is reducing your approval amount.

    Put those items together and it starts to look like you may have your sights set a little too high a little too soon. Give your situation a good hard look. It might be such a thing that either a little less house now or giving yourself more time before you buy are your best answers.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 15 posts - 31 through 45 (of 6,744 total)
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