ATD Was Incredible!

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    So we drove 6 hours each way, same day, to attend ATD in Rochester, NY this weekend and it was absolutely worth it! Despite prepping for weeks and reading everything I could a dozen times, I still learned several things. But better than that, we expected to just leave with an Action Plan and follow up at our scheduled appointment. Instead, we got all the way through to sitting face to face with an (extremely friendly and helpful, I might add) Underwriter. Because of that, we were able to find out exactly what our timeline and requirements look like without having to worry about going back and forth in the future. If it weren’t for one thing I didn’t catch myself, we honestly could have walked away with an approval in the course of 4 hours (because we had done the Workshop already.) While we were there, many people got their approvals as well, which was a good feeling. My only regret was that in the moment we were so focused on the process that I didn’t get to thank @ttrumble in person for all of the good and hard work he does maintaining this forum, which has been a huge asset in getting ahead on the process.

    Some key things I learned that others may find helpful:

    1) BoA is offering an extra 1% reduction in interest rate for folks in certain markets that they want to do more business in. However, you cannot buy your interest rate down any further in those areas – so as of today, if you’re at 80% or below Median, you’d get a 1.5% interest rate without paying any buy down – but you couldn’t go any lower than that.

    2) You can only buy your interest rate down to .125% if you’re below 80% Median (and there are some other complicated factors as well – but our Counselors were extremely knowledgeable and handled my sudden loss of composure very professionally.)

    3) And most importantly perhaps, every NACA employee and volunteer in the room was absolutely committed to helping Members to the best of their ability.

    Despite being an absolutely crazy day for us – leaving Maryland at 2:00am to arrive in Rochester at 8:00am and going through the process until about 2:00pm before driving back home to Maryland (getting home at 10:00pm) it was totally worth it. If you’re able to do so, I can’t recommend going to ATD enough!

    [And as for our personal journey, because my Foreclosure wasn’t actually finalized until October 2017 and I thought it was done in April 2017, we have to wait for that to clear – but otherwise we’re completely ready to go!]


    Hi @BakerTheBaker

    On your key points 1 and 2 does it mean both BofA grant programs are still valid.
    1. 1% reduction and max 5 points buy down.
    2. Lender match program beyond a certain point (lender matches after 7th point buy down at least in MA)

    And. congrats on your fast progress.


    So, as I understood it, yes, both the 1% for everyone and the buydown match are still available if you are below 80% of Median income. However, as in my case, we’re in an area where they’re offering an additional 1% for free which bars you from any buy-down. The end result for us was that with the 1.5% rate and the same amount of cash in hand, our payment ended up being the same as if had gotten the .125% rate we were aiming for – so same costs, same payment, just a slightly different allocation of funds.


    Hello BakerTheBaker,

    Obviously, I’m delighted that you had such a great experience at the Rochester event! The story of a member whose only roadblock to qualification was a foreclosure that hadn’t hit two years yet did cross my path so we probably came a lot closer to meeting than you think. Meeting members of the Forum family is always one of the highlights of the events for me. I did happen to meet another member at the event, and that means I have met at least one Forum member at every Achieve the Dream event I have been to (which is every one except Honolulu last year). Thanks for the very kinds words about my work here in the Forum.

    I have to admit there’s still some confusion regarding the new interest rate reduction program and I’m working on getting all the details straight myself. What I do know for a fact is that if you are under 80% of the median income for the MSA in which you are buying, and it is a qualifying MSA, you will automatically receive a 1% interest rate reduction from the base NACA rate. This qualifies for both the 30-year and 15-year loans.

    The ability to buy the rate down further does exist, but you may only buy down five more points total (1.25% on a 30-year, 2.5% on a 15-year) regardless of the source of the buy down funds.

    More detail, including the list of qualifying MSA’s can be found at

    The biggest confusion at the moment seems to be whether it is an alternative to or a replacement for the existing buydown and matching lender grant program. Stay tuned, I’ll get you the info ASAP.

    Tim Trumble
    Online Operations, NACA


    I would definitely have to agree. I went to Rochester as well. It was worth the 6 hour drive. I came from Delaware. I plan to write a detailed points, because I learned so much. I arrived at 8am and left at 8pm with my qualification papers in hand!


    Hello living20057,

    Congratulations! Although Rochester was one of the smaller ATD events so far, there were obviously a lot of approvals! There were also a lot of people who traveled to the event and just like you, got what they came for! The one I think I was most impressed with was the lady who endured an all-night bus ride from Columbus, Ohio to get there. Yes, she got her approval too!

    We already know that event next week in Queens is going to be one of the bigger events we’ve had so far and we’re getting ready for what will be some late nights getting everyone taken care of. By now though we’re used to running on coffee and adrenaline!

    Anyone needing info for the NYC even can find it at

    Tim Trumble
    Online Operations, NACA


    @TTrumble, are you able to speak about what BakerTheBaker said regarding what this additional 1% off of the interest rate is all about?

    We know that BOA came out with the new grant program that allows for an automatic 1% lower interest rate if you are below 80% of the median income in the MSA you wish to purchase in (if your MSA qualifies), but they also mentioned above an additional 1% in select areas ON TOP of that in which NACA wants to do more business in? This would effectively start you with a 2% lower interest rate, but they mentioned you could not buy down funds any further.

    I would like to know more about that!

    • This reply was modified 1 year, 4 months ago by Peapod0609.
    • This reply was modified 1 year, 4 months ago by Peapod0609.

    Congratulations @living20057! I heard probably a half dozen rounds of applause for folks leaving with qualifications just while we were in there. I’m glad to hear you got yours as well!

    That is what I was told by the underwriter, yes, with the small correction that the special areas were selected by Bank of America – not NACA. Tim is going to get the information squared away and let us all know.


    Cool, thank you BakerTheBaker for that tidbit.

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