NACA interest rates higher than traditonal

Home Forums Purchase Program NACA interest rates higher than traditonal

Viewing 15 posts - 31 through 45 (of 55 total)
  • Author
    Posts
  • #66126
    kjenkins79
    Participant

    Does anyone know what the true rates are currently?

    #66128
    Nelsont
    Member

    Bank of America employees and the naca propriety software that tells the MC what to say.

    #66130
    ibuyhome
    Participant

    I’m beginning to think this is no longer a technical error. Can @ttrumble confirm?

    #66131
    vrundmc
    Participant

    I called the mortgage dept. and my local office. Everyone is saying it’s 3.625%.

    This really changed what I could afford in a competitive market in the bidding war i’m currently in.

    If someone could really help identify if this is correct. I’ll have to wing my offer here by noon.

    #66133
    newhomedream
    Participant

    Hi everyone, I am quite concerned about what is happening with the interest rate. As previous people have said, the DMV area is a high cost area and when we got qualified the interest rate was at 3.125. Today it is listed at 3.625 which makes a sizable difference in my monthly payments.

    We have already submitted our P&S to the MC and she wants to submit the file, but I want to wait for the rate to be adjusted. Anyone have any advice? And @TTrumble, any word on the update for the rate change? BOA has their rate listed at 3.5. Naca is supposed to be lower than the average rate (at least that is what I thought).

    Thanks for your responses.

    #66137
    vrundmc
    Participant

    Rate has gone up – 3.875% APR

    #66139
    newhomedream
    Participant

    I see it went up to 3.8. Anyone know whats going on? BOA website says average rate is 3.5 right now.

    #66143
    purdynerdy
    Participant

    Wow. I guess I’ll have to put a pause on home searching and reassess. I live in the DMV and this drastically changes what I can afford now.

    Just last week it was 3%. I know NACA is still the best option considering no PMI.

    • This reply was modified 7 months, 2 weeks ago by purdynerdy.
    #66145

    Still a glitch as I understand it. The problem is we seem to be the only people aware of this glitch. I’m in the same boat @dware08 . My MC says it’s 3.8 so anything i want to put an offer on is way above my monthly payment now.

    #66146
    kjenkins79
    Participant

    Wow I guess I will be putting my search on hold as well. This new rate will limit me tremendously

    #66147
    Al92
    Member

    3.875 seems a game-changer for a lot of members. I was planning to put an offer today. I just can’t decide to move forward or hold on for now.

    #66148
    purdynerdy
    Participant

    So not only are we now limited in purchasing power by the interest rate, but housing prices (at least in DMV) will continue to rise due to buyers flooding the market with lower interest rate mortgages.

    I’m so discouraged.

    #66149
    vrundmc
    Participant

    So I know I was concerned and freaking out as well, but yes it’s a technical error. The website code and the data connection back to BOA was unable to handle the current fluctuations. It will be .375 lower than the stated BOA rates.

    Any submissions can use that as an estimate and any P&S can be submitted and retroactively will be adjusted.

    Good luck everyone!

    #66150
    newhomedream
    Participant

    Thanks for the info @vrundmc. How did you come across this information. I want to make sure I am not locked into a higher rate that I can not afford.

    Thanks

    #66151
    vrundmc
    Participant

    @newhomedream my non-NACA real estate agent attended a webinar and it was a hot topic there.

Viewing 15 posts - 31 through 45 (of 55 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter