Income discrepancy on affordability form

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  • #71213
    MojoRysing
    Participant

    Hi all,
    I got qualified (yay!) And am super excited. On my affordability form, my income is significantly higher than my actual income and my PITI is over $200 more than it should be. Will this cause problems in my process? I don’t want to get resubmitted again unless I have to (it was such a project to get there in the first place). It will not make me a non-priority member in any msa that I want to buy in, and I won’t put an offer in for a house higher than the original PITI that my counselor told me I would qualify for anyway. Has anyone else had this happen?

    #71214
    Faith81
    Participant

    @MojoRysing Congrats on your qualification!! I am not 100 percent sure if this will cause you a problem but you should make sure you stay at the PITI that you know you should have got and not go over because they will check your income again. Even when you do the property specific letter you will have to check off a box that indicates that you are certifying that your income is not below that amount. Save yourself the delays and let your MC know to rectify the income discrepancy. I understand how you feel because the process is so unnecessarily difficult and time consuming. I was already qualified back in May and requested to be resubmitted almost a month ago (still dealing with it and my file stay up to date) and my income increased and my debt decreased and right now my PITI is $200 less than what I was originally qualified for. (maybe you got my missing $200 LOL) I know this has to be an error so I had to email my MC and request she look at it to rectify the situation. Hopefully she handles it quickly for me. Keeping those prayers high!!

    #71242
    TTrumble
    Member

    Hello MojoRysing,

    I have seen literally hundreds of cases over the years where somebody thinks we calculated their income wrong, and it’s almost never true.

    There are specific methods that must be used to calculate income and lots of folks just don’t understand them. The most common one is the person who gets paid every other week, and says they get paid twice a month.

    People who are paid every other week are paid 26 times per year. People who are paid twice a month are paid 24 times a year. By their own standards, they are not disclosing four weeks income (which is technically a federal crime).

    You have to total the 26 paychecks and then divide by 12 to get the average monthly income, so a lot of people think the income figure is too high because its not just the total of two paychecks.

    I’m not saying that’s what the case is here, but historically, the odds are the income figure is correct using the acceptable income calculation standards. Ask your counselor how he or she arrived at that income figure.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #71265
    MojoRysing
    Participant

    @Faith81 sorry to hear that you’re having trouble. I hope it gets sorted out. Were you ever able to find a grant that would work for you? (That was you that I was talking about that with before right?) I wasn’t able to find one.

    @ttrumble
    I can see how biweekly pay could be confusing and I do get paid biweekly, but I am a salaried employee. So I just took my annual salary and divided by 12 to do the calculation (I did double check using the gross amount from my pay stubs using the method that you suggested.)
    I recieve child support (which my original MC said was not going to count, but they had to count it because the numbers would be WAY off if not), but even adding that in ((weekly amount x 52) ÷ 12) the income figure on my affordability form is still $368 higher. The only thing that I can figure is that something that should have been excluded wasn’t (stimulus check? Tax return? Child support arrears?) I’ve tried the calculation a few different ways (with those things not excluded) and can’t come up with the exact figure, so I’m not sure. I emailed my MC though. I’l se what he says.

    #71268
    Faith81
    Participant

    @MoyoRysing – So far I couldn’t find any grants to work with NACA (yet) but lets keep the faith and see if something comes up. What area are you in?

    #71274
    MojoRysing
    Participant

    @Faith81 South Jersey

    #71275
    Faith81
    Participant

    Ok. Yeah I’m in Central Jersey and havent found anything yet but if I do I’ll be sure to share the info in the forum for others to access. Would be great if we could find something

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