MRF

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  • #41872
    yassieyas
    Member

    How are minimum funds required calculated in DC?

    #41878
    jcleus200
    Member

    your MC should tell you what is your MRF, refer to your mortgage counselor he should tell you that in your intake session

    #41879
    yassieyas
    Member

    I have already been qualified and was given my MRF. I qualified at the Baltimore achieve your dream event. I thought I understood but I want to double check with people who have been through it. Also, ive already sent an email to my counselor.

    #41880
    nfreniere
    Member

    Your MRF (Minimum Required Funds) are the funds that you will use for expenses such as: Inspection, Earnest Money, Tax and Insurance Escrow, buy-down funds, 2 months mortgage payment reserves and your Cash to Close. Your Payment Shock Savings (the difference between your current Rent and your PITI Affordability – cannot be zero and needs to be at least $200/mo) is used to fund your MRF throughout the process.

    Hope this helps.

    #41883
    jcleus200
    Member

    @yassieyas Congratulation on being NACA qualified
    Since you were qualified at the Baltimore Event I have some question for you if you could help me.

    1-Did you already started Naca process before you went to the event or your first time was at the event.

    2- if your first time was at the event ,How many day it took you to be qualified, did you qualified the same day

    3- if your first time was at the event , did you have to provide extra document a part of w2, tax returns,paystub, bank statements etc, I know each person has different situation ?

    4-Like most of us who did not went to an event need to provide LOE, work to show PS, work to show MRF, was this a requirements for you on that day or you have to work that later?

    #41884
    yassieyas
    Member

    @jcleus200

    Thank you!

    1- Before the Baltimore event I went to the Workshop in November. I had an intake meeting set for May 2018 but I went to the Baltimore event in April 2018 so that I can get approved faster. Never did an intake meeting so I don’t even have a clue of what my counselor’s voice sounds like or what lol. The counselor who approved me on the spot was kind enough to point him out to me so that I at least know what he looks like.

    2- I went April 26, 2018 and April 30, 2018 to the Baltimore event. I was there 12 hours each time. Technically could’ve only been there 2 hours max on April 30, 2018 but i found out to late about how they were doing the underwriting process smh. The lines were long. But i got approved on April 30, 2018.

    3- I provided w2, tax returns, tax transcripts, paystubs, bank statements, 401k statement, and IRA statement.

    4- i already provided my 3 month payment shock so that was one of the reasons why i was approved on the spot. I provided LOE statements. i cam prepared with those on hand because when I was applying for a grant they asked for LOEs so I figured NACA would do the same. i wrote LOE’s at the event as well. AS for MRF my savings account exceeds my MRF amount so I was good to go.

    #41886
    jcleus200
    Member

    yassieyas Thank you so much for taking time to answer my questions . Have a great house hunting!!

    #47065
    living20057
    Member

    @yassieyas what grants did you find that worked? I’m in the Baltimore are.

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