Tagged: buy down
March 18, 2018 at 1:38 pm #41026msm407Member
Are you aware of any grants in the PG County MD area that can be used to buy down the interest rate?May 10, 2018 at 3:10 pm #41830
Unfortunately I am not aware of any grants in PG county at the moment.May 10, 2018 at 3:33 pm #41833
Looks like photobucket semms to have malfunctioned on the picture of our house on page 1. So just postin it again for those who are curious/looking for inspiration!August 10, 2018 at 12:19 pm #43968mfarfan123Member
This is not an ordinary review to “promote” Kris’s services. This is a genuine and honest review of Kris Fraley as a realtor. First of all, My mother (Gabriela Goin) had a dream of having a house under her name since she arrived in the U.S. (more specifically Montgomery County, Maryland) from Peru in 1990. Fast forward to 2015, she has lived in Montgomery County since she arrived in the U.S. 28 years ago. In January of 2015, we first heard of the NACA program via my older brother Jose, who happens to be one of Kris’ childhood friends.
We originally thought the NACA program was “too good to be true”, however after a few conversations with my family, my brother and I convinced my mother to take a chance with NACA to attempt to fulfill her lifelong dream of purchasing a house under her name. Kris said if we were willing to put the time in, he would too. My mom had specific requirements when looking for a house. Requirements such as having 3 bedrooms, a deck, 2 full bathrooms, a modern looking kitchen, wood floors and most importantly, buying a house in her home of Montgomery County. Nobody in my family has ever purchased a home.
Here are the details of our loan we received through the NACA program:
Purchase Price: $295,000
Loan Amount: $276,452
Interest Rate: 0.25%(Yes, 1/4th of 1%!)
Monthly Payment: $1,231
With this ridiculously low interest rate our family is saving approximately $270,000 in interest & fees that would be part of a “normal” conventional loan. We build around 9k in equity per year excluding any property appreciation over time. That is unheard of.
Through the NACA program we paid no closing costs, no private mortgage insurance, we did not have perfect credit, paid ABSOLUTELY NO BOGUS FEES OF ANY KIND. (Application, appraisal, transfer/recordation taxes etc.) The list goes on.
It took my mother 3 years start to finish to buy a home through the NACA program but in actuality, it took my mother 28 years to FINALLY accomplish one of her lifelong dreams. None of this would’ve happened without Kris. The level of patience, persistence, determination and pure faith that he demonstrated throughout the three year process is honestly indescribable. Especially during the times when my mother was on the brink of giving up because of NACA’s gruesome requirements and constantly requesting more and more paperwork such as non-stop paystubs, bank statements, letters explaining certain payments, etc.
My mother was initially NACA qualified yet, lost her job of 10 years right as she was out searching for homes. It took her a whole additional year to re-quality. Fortunately, Kris constantly kept reminding us via text messages, phone calls and face to face visits that this will all be worth it in the end to NOT go with a conventional loan, and to encourage my mother to not throw in the towel and he was indeed right. If we ended up going the conventional route, not only would we have paid a mass amount of interest & fees, we would have only qualified for about 200k and would have had to settle for a condo. We we’re able to buy the townhouse we always wanted! Navigating the NACA program is no easy feat, however for those who tough it out, the ultimate reward is amazing!
This wasn’t just my mother’s dream, this was an INVESTMENT for our family name which words can’t describe how grateful and lucky I truly am to have had Kris by our side this entire time because without him, I would not be typing this message right now in our new home. Kris is an unbelievable, tenacious person who will help you buy the house that is right for you. He will be patient with you, he will encourage you and most of all, he will do everything in his POWER to make sure that you are blown away with the end result. With that being said, he will not do all the work for you. YOU must be willing to put in the “sweat equity” as he likes to call it.
Keep this next part in there if you want to. Kris, from me to you, THANK YOU FOR EVERYTHING BROTHER. From the bottom of my heart man, you gave my family HOPE when we were constantly moving from apt to basement to apt to rented home and on the brink of quitting multiple times. Now that we’re in this home and my mother’s dream came true, you lit a fire in me that makes me WANT SO MUCH MORE for my mother and the rest of my family. You’ve inspired me to never give up on any of my dreams. You’re an incredible soul my man. You will forever be family to us. WE LOVE YOU MAN. THANK YOU!August 10, 2018 at 4:28 pm #43981southfloridaMember
I have the feeling that when @TTrumble readsthis post, it will be taken down or modified, it looks too much like advertising for a specific realtorJanuary 24, 2019 at 5:15 pm #47359
2018 surely was a year to be grateful for. I was honored to be a part of several families success stories in accomplishing home ownership. I know people come to these forums seeking encouragement (as I did myself when I was going through the NACA program in 2014). These forums are truly powerful! Without these forums, I don’t believe I would have ever closed on my home…
Here are a couple successful closings/loan numbers to keep you all inspired!!!!!!
Mr. & Mrs. Williams purchase price was $319,900 with a 1.375% 30 year FIXED interest rate. Loan amount: $310,387, including a $9,513 LENDER MATCHING GRANT! Mr. & Mrs. Williams total monthly payment is $1,480.78 including property taxes & insurance. ($428.09). Initially they thought they could only afford a townhouse. They ended up with a single family house in Howard County. To say they were excited would be an understatement!!
Ms. Greenwood’s purchase price is $410,500 with a 3.875% 30 year FIXED interest rate. Ms. Greenwood’s monthly payment is $2,173.10 including property taxes & insurance. Ms. Greenwood is what I like to call a “NACA warrior”. The immense amount of perseverance & patience she displayed paid off in the long run. Ms. Greenwood standing in front of her newly renovated home in DC! Look at that beautiful smile! We knew from my very first meeting with Ms. Greenwood this relationship was going to work very well! She was fiercely determined to navigate through the program. Her main concern was getting under contract in one of the most competitive real estate markets in the nation! (DC). We were able to ease her concern by our proven strategies utilized with prior clients. Her fierce determination matched with our knowledge of the NACA program was a combination for a successful closing!!! Ms. Greenwood received a CREDIT at closing of $6,843.09 due to her $10,000 EMD check which aggressively put her under contract. She was able to close on a home in DC with just a little over 3k out of pocket! Lowest by far I have ever seen, as DC taxes are so low.
The Murray family’s journey to home ownership. What a privilege. I still remember our first consult over the phone back in February while I was in Florida on vacation. Much of the conversation was regarding the power of the interest rate buy down feature of the program. What the Murray family achieved is nothing short of EXTRAORDINARY. It is quite possible they have the highest interest savings of anyone in the entire nation who has a mortgage! Saving over $400,000 in interest. I mean, seriously. Who has a $1700 monthly payment no interest loan on a 500k home with 48k FREE MONEY TO START THE LOAN IN A GRANT?!?!?!?!?! Just WOW!. 😳 What an investment! It warms my heart the Murray’s were able to put their children in a beautiful home, with such a peaceful view of a pond! Serenity at its finest! I will never forget the conversation between us 3 sitting in the DC NACA office waiting to close. The Murray’s heartfelt conversation on what this accomplishment meant for their family. This is our WHY. 😊
Mr. & Mrs. Murray’s purchase price was $500,000 with a 0.0625% 30 year FIXED interest rate. WOW!!! Loan amount: $451,338, including a $48,662 LENDER MATCHING GRANT, THAT’S $48,662 FREE MONEY! Mr. & Mrs. Murray’s total monthly payment is $1,698.06 including property taxes & insurance. Mr. & Mrs. Murray paid NO CLOSING COSTS, NO PMI, NO BOGUS FEES WHAT-SO-EVER. The Murray’s decided to take full advantage of what the NACA program had to offer. Each year they will build $15,187.56 equity not including property appreciation, with no interest! WOW!!! THAT IS POWERFUL. WHAT AN INVESTMENT! NACA WARRIORS!
I have to shout out to Tim here on the boards. Once again, he was critically important in helping several people I know in 2018 close on these homes.
Shout out to all of the DC/Baltimore Counselors. Off the top of my head: Dj, Cole Williams, Annette Young, Ora Moore, Jerome Gooden(HAND Dept?), Cedric Smith.
There are several several more successful closings that I will share once I get a bit more time….until then I wish EVERYONE on here continued success through the program in 2019. No matter what, KEEP GOING!!!! A SETBACK IS A SETUP FOR A COMEBACK! As I have offered for years, even if you are not in the DC/MD/VA area, feel free to email me. I will help in any way I can.January 28, 2019 at 9:42 am #47392
Hello Kris! I’m in the DC area and by reading your post I think you could help me a lot as far as trying to figure out how much of a buy down I should do as well as some other options. I sent you an email on Friday, but I just read the forum rules about how I need to post first before sending an email. My apologies about that, I didn’t know. Do you mind contacting me? Thanks so much!January 30, 2019 at 8:18 am #47425msm407Member
I am in the DC/MD area, I was wondering if the Wells Fargo Lift program works with NACA.February 20, 2019 at 3:36 pm #47661June 6, 2019 at 5:49 pm #49139AnnsFlightMember
Hello. I’m new to the program & would like more info on the Buy Down option. Sent u an email. Hope you’re available to assist me.June 7, 2019 at 11:49 am #49144June 19, 2019 at 10:40 am #49404TiaromiaMember
What grants may be available through NACA or anywhere else if I want to purchase in Howard County?June 19, 2019 at 11:04 am #49408
@Tiaromia I am purchasing in PG County and unfortunately I have been unable to find any grants that are compatible with NACA. Since you are in Howard County, you may want to check your county’s website to see if they have any homebuying programs specifically for Howard County.June 19, 2019 at 4:08 pm #49432TiaromiaMember
What is a lender matching grant? What are the terms?June 20, 2019 at 8:40 am #49439
@tiaromia Read the below thread about the terms of the lender matching grant. This week, @ttrumble stated that there may be changes to the lender matching program, so you may want to contact your counselor about that.
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