April 2, 2018 at 10:34 am #41272Zakiyah84Member
I am attending a workshop this weekend and it is a few hours away from me. I have a few questions, does NACA include your section 8 voucher in your income calculations? Supposed you have a 3 bedroom voucher, do they include the payment standard (1374 for my area) as a portion of your monthly income? Or just the portion you have been receiving?
Will I be able to complete the majority of my paperwork via email and telephone? Would I ever need to meet in person after the workshop? (nearest office is 3 hours away, even though HUD says there’s a Nashville office, don’t see it on the NACA site)
And lastly for Student loans in IBR (My payment is 0, repayment term 143 months) Do I need to actually change my payment to another amount, or can they just calculate my DTI based on a estimate letter from the loan servicer. My estimate says 415 can they just use that letter instead of me having to actually change my plan?April 2, 2018 at 11:43 am #41283southfloridaMember
You should be able to continue the process without meeting your counselor again, I think.
Based on other posts, Tim has indicated that you can’t have a $0 payment, you would have to contact them to change your payment amount, apparently it happens often so they should be familiar with your requestApril 2, 2018 at 4:06 pm #41296TTrumbleMember
When using the HOT-PHA (Section 8) program, the payment is calculated by using your Section 8 amount plus 31% of your gross income. The Section 8 funds are not considered part of your income.
You should be able to use the Remote Counseling program to at least complete the Qualification phase of the program without making another trip. (HUD still shows us with a Nashville office? Wow… 😛 )
Southflorida is correct that you cannot use a zero payment figure on student loans. You don’t have to get your payment amount changed, just get a letter stating what your payment will be when it’s no longer zero. The letter you have would likely suffice, but it looks like an awfully high payment, as if it were just the standard 1% payment amount. Contact the loan servicer and ask them for a letter with your IBR payment amount after it is no longer zero.January 22, 2020 at 11:10 pm #64944
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