Income

[Geminigrl05]

I talked to my counselor about 2 weeks ago and I left the meeting feeling very discouraged. I have worked hard paying the debts on my action plan and saving my payment shock and mrf. While talking to her she made it seem as if a home purchase was impossible for me bc I currently make $13.50/hr (40hrs/wk). Also I was never told bck in May that I needed to save an additional $200/mo on top of my payment shock so now I have to have tht which is a set back to me bc I could have had that a while ago. What’s the absolute minimum income for NC to qualify for a purchase through NACA?

[Nelsont]

There is no minimum to qualify anywhere. Everybody will qualify without exceptions if you follow the guidelines. The qualification process does not approve you for a loan. It puts you into a category of prime lending eligibility.

The additional 200 is not required in some cases. It will be if your payment shock is very low. It’s highly recommended anyway. The idea is that saving less than 200 or 300/per month is not enough to get you by in times of need.

[Geminigrl05]

Ok, thanks. Maybe I was understanding her incorrectly. She was making it seem as if my hourly income ($13.50/hr) was too low bc she suggested I request a raise at my full time or stay at my part time for a year.

[Nelsont]

She was being inappropriate. Raising your income would give you more options but that’s up to you.

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