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  • #64871
    vrundmc
    Participant

    Hi,
    I am located in NJ and attended a workshop where I received my NACA ID. My wife and I have signed all the consent forms and uploaded all documentation but we can’t get an appointment in Newark until June.

    I am planning on flying to Miami to attend ATD but my wife will not be able to join. She doesn’t have income and is a stay at home mom right now (which is why it would be hard for her to travel). Will this be an issue for us? She is able to sign any documents remotely and can submit electronically.

    The goal of going to the ATD is to speed up qualification for us to be able to purchase this summer.

    • This topic was modified 1 month ago by vrundmc.
    #64873
    Nelsont
    Member

    If your wife has no income it’s best to get qualified without her. Her debt will be included (if she has any) and she will be required to be listed on the deed but, she will not need to go through the process with you.

    It is always best to start as soon as you can so going to the ATD event will definitely help you even if she does need to be there (probably not depending on her intent of involvement). With that said if you need to meet timeline requirements like payment shock, work history or charge offs history then the event may not help. If you consider yourself to be ready now then going to the event can potentially qualify you on the spot.

    #64874
    vrundmc
    Participant

    Thank you for the response! We only have a car lease as our debt so I’m not concerned with that. Same job for the last 9 years and we want to be qualified just on my income alone.

    The payment shock topic brings up another question. I am enrolled in my companies stock purchase program. This automatically withdraws after-tax money towards the purchase of stocks twice a year. At any time, I can withdraw this money without purchasing stocks. That does increase my account balance where the funds are held but is not a normal account. Would this be acceptable for payment shock?

    #64875
    Nelsont
    Member

    No. It can be used for your MRF as a 1-time deposit. Payment shock must be BOTH:

    1. A consistent demonstration of a minimum value saved over time every month without fail even after you qualify until the day you close or risk losing your qualification

    AND

    2. Cannot be averaged.

    Think of payment shock as a trial mortgage payment. You cannot pay the bank 3 months at a time and expect the next 2 months to not owe anything. If you make a double payment you still have to pay next month and if you decide not to pay because you made a double payment then foreclosure proceedings can start. Likewise if you are short $10 that counts as a missed payment and foreclosure proceedings can start so being short on your payment shock starts your timeline over.

    #64876
    vrundmc
    Participant

    Thank you again I understand your explanation. My thought was that the amount is deducted every check (2x/month) and it is an optional program.

    I could stop contributing to it and then instead of it going to sit in holding, it would be deposited to my account and that would mean it would be my “savings” since it isn’t spent.

    It’s essentially like paying for health benefits but instead, a savings program vs. a deduction for benefits.

    #64877
    Nelsont
    Member

    I would only stop your savings plan if it hurts your ability to pay your mortgage. Payment shock is the difference between your approved amount and your current rent.

    Your approved payment amount is based on gross income (likely 31% of your gross income). Your net income and other spending habits are taken into account for a realistic viewpoint. So if you go out to eat every night and go to the bars on the weekend and take elaborate vacations there is a chance that what your gross income says you can afford in actuality you cannot afford it on your lifestyle. My advice is change nothing until you talk to a counselor and find out what is right for you. It’s possible whatever you are approved for as it stands is sufficient. It is also possible that you are able to meet your payment shock savings without changing anything. I wouldn’t stop a current savings pattern unless you need to.

    #64880
    vrundmc
    Participant

    Thank you again for your responses and clarifications. I feel confident heading to ATD!

    #64951
    vrundmc
    Participant

    Hi @nelsont – I am on my way to Miami! Is there anyone you recommend I speak to and/or is there a way to communicate what I’m trying to achieve since my wife won’t be present in person?

    I was also thinking about how remote counseling is set up…do people get qualified remotely? Hopefully I won’t run into any issues today.

    #64952
    Nelsont
    Member

    I am only a member. There will be counselors from all over the country at the event. You will first attend the workshop which is required and then you will be given the opportunity to upload all of your information onto your webfile. After that you will meet with a counselor. You will have the chance to explain your situation when you meet with the counselor.

    Remote counselling is pretty much only for those individuals who live in an MSA that does not have a local office and the closest office is over a 2 hour drive away. Florida and Texas are examples where 1 local office might represent 3 or 4 MSAs that are 5 hours apart from each other. The remote counselors are also (I believe) not licensed loan officers so they can only take you so far in the process if you live near an MSA with a local office. You can get qualified remotely if you live in certain areas that are far away. While attending the event you will be given the chance to be assigned a counselor at your local office to continue the process.

    #64953
    vrundmc
    Participant

    Great thank you! I’ll report my results!

    #65023
    vrundmc
    Participant

    Just posting an update. I got to the event around noon on Thursday and was allowed to go straight to be in queue for a counselor.

    At around 3pm, it was my turn…to see a remote counselor!! We both had a good laugh and then got down to my file. I had everything uploaded in advance and my file was was completed and submitted by 5.30pm.

    While I was waiting for underwriting, I decided to volunteer. I saw the UW at 6.30pm and was qualified. I think at that time I could have gone to home purchase workshop too but went back to volunteering.

    I ended up leaving around 10pm. It was a great event and I can’t recommend ATD enough.

    Thanks @nelsont for answering all my questions. One last question about payment shock. Since I qualified mid-month, does payment shock savings start in Feb or do I have to show it for January? Given where my account balance was, account statement closing dates, and paying off my credit card bills, it will look like I went down in money and then Feb it will look like I saved double. I’ll be more careful of this in the coming months now that I know how it works and looks.

    #65025
    Nelsont
    Member

    The time starts from the first month you can demonstrate which could have been 3 months ago or next month depending on your finances. If you were qualified you already met the time requirement so it doesn’t matter when it started. You just have to maintain until you close.

    Congratulations on getting qualified. My advice is stay the course. You passed the hardest part. Mentally though there will be tough times ahead. Negotiating with your seller and waiting for the underwriters are often nerve wracking. You got this though. Go find your house!

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