January 14, 2020 at 4:15 pm #64628Homeowner2020Participant
I went to the NACA workshop on December 7th. After the workshop I uploaded all required documents. When I called for an appointment, the earliest appointment at the local NACA office (Newark, NJ) is for April 28th,2020.
I want to get the process started as soon as possible because I want to close and get settled before the new school year starts. If I have intentions of purchasing in Georgia:
1. Would it make more sense to switch to a remote counselor for the initial appointment until I get qualified and then switch to a Georgia NACA office?
2. Can i start the process in New York, get qualified and then move to Georgia to continue the process?
3. I have been looking into new construction homes, if I use NACA to purchase a new construction would I have to move before the house is finished being built?
4. If I have two sources of income but I would only like to use one to determine my eligible mortgage amount (the one I want to use would be closer the income range I would find in Georgia) is that allowed?
Thank you in advance for all of your responses. I want to be as prepared as possible.January 14, 2020 at 4:41 pm #64632NelsontMember
1. It might. However there are a couple rules. You can only switch once. A switch needs to go through an approval process and is not guaranteed. A second attempt at switching will be denied. Remote MCs are also not liscened loan officers so they can only take you so far in the process which might not matter if you are moving to an area that has a local office.
2. Yes and no. You can only get qualified in the area in which you currently live UNLESS you are very explicit about this and you receive confirmation from your MC that you are both on the same page. Otherwise you could wind up being qualified to purchase in the NY area ONLY. Moving in the middle of the process might give you more leeway. You will have to start the intake process over but, not your time lines.
3. No. You mean from NJ? Also probably no.
4. Yes but that complicates things. Your bank statements will show large deposits that will questioned/criticized/scrutinized at every step along the way because you are not using that income or submitting those pay stubs. As long as you have 2 years with both incomes it makes sense to use both. There is no rule that says you have to buy at your max. It is actually financially more responsible to buy well below. The only issue I see is if using both incomes will put you over the the priority/non-priority line in which case your W2 will show that anyway and tax transcripts will show that anyway.January 14, 2020 at 11:14 pm #64651Homeowner2020Participant
Thank you so much. Your post clarified everything that I was unsure of.
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