Property Specific Letter

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  • #71335
    Faith81
    Participant

    How long should I wait for a property specific letter? What should I do if I don’t receive it within that time frame? I feel like I am being annoying even tho I am trying to be a polite pest I don’t want to email and call more than once a day for it.

    #71336
    Nelsont
    Member

    The rule is supposed to be the MC has 24 hours to get you the PSL. Call your local office if you don’t get a response quickly.

    #71339
    Faith81
    Participant

    Hi Nelson, do I call a local office even if I have a remote counselor?

    Thanks

    #71341
    Nelsont
    Member

    Hmm. Good question. True remote or just a different office? The true remote counselors are all in north Carolina I think and they were originally for people who live more than 2 hours from a local office. They are not licensed mortgage counselors and as such are only allowed to take you so far along the process. Recently though members have been transferred to MCs in other locations to help alleviate the backups. If this is you I would call that office first then your local office.

    #71342
    Faith81
    Participant

    Yes I was true remote. I lived in Jersey but where I lived I had problems commuting when I first started. My counselors are in NC. Its very interesting that you explained to me that they are not licensed mortgage counselors. Do you think if I get a counselor that is local I would get a faster response time?

    #71343
    Nelsont
    Member

    Honestly I don’t know.

    #71345
    Faith81
    Participant

    darn thanks Nelson

    #71352
    Faith81
    Participant

    I am so frustrated right now. Need some prayers. I am trying to be patient and I am only calling once a day and emailing once a day but now after all I have been thru and decided to just accept what they are giving me on my approved amount. Sent 7 property specific letters this week and got no response back. I know that they have a heavy workload but I somehow feel like my counselor and her manager hates me. As a result after losing one of my favorite homes I feel I wont even get these because it takes so long to get the property specific letter. I have to do the buy down in order to even qualify for these because taxes in NJ is high. Feeling very defeated. πŸ™

    #71353
    Martin
    Participant

    Are you using a NACA real estate agent? If so, they should be helping you get the psl from the MC. They get commission as far as I know so my agent always pulled weight to get the MC or office manager to do the PsL. But in some cases they don’t need a psl to do a contract offer on a house. Keep pushing.

    #71354
    Faith81
    Participant

    @Martin I tried to get a NACA agent 3 times and failed. Most recently one contacted me and I was willing to switch because my current outside agent was frustrated that I had not been able to make an offer after 8 weeks of showings on any of homes after finding NINE homes I liked because there was always an issue or delay getting a letter because I am using the buy down. I have contacted this NACA Agent 5 times between texts and emails. The texts show he reads my messages and NEVER responds to me after my first conversation with him. I can take a hint. πŸ™ I went back to my outside agent and told him I will get letters before he show me homes so he knows he isn’t wasting his time and still I cant get any letters. This is very embarrassing :-(.

    What cases would those be? I just want to be sure I am doing everything the way NACA wants me to so I don’t mess up. I have faith in the process. Its just that when you are going thru it sometimes it can get to you. Thank you for the encouragement.

    #71355
    Faith81
    Participant

    @Nelson & @TTrumble,

    If I use the NACA calculator and it fits my payment requirement and I am using the buy down process on the calculator but tweak the request letter to fit my payment requirement (by lowering the taxes) because I know it will work when they apply the buy down on my counselor’s end, can I use that letter and have the interest rate adjusted then?

    For Example:
    Sale Price/Offer Price $319,000
    Actual Taxes on the house $6500
    Taxes I put on the specific letter request $4000
    Actual buy down will be $25,000
    Insurance left at what is on there which is $50
    Monthly payment $1700

    I just desperately need these letters. I have less than 4 weeks to inform my property manager if I am renewing my lease.

    Any advise or assistance I can get is greatly appreciated.

    #71357
    Nelsont
    Member

    Why are you tweaking the psl? You shouldn’t tamper with anything that’s bordering on fraud. Maybe that’s why you aren’t getting a response?

    I had a similar experience with the local in house agent. They attend the workshops and give out their business cards but as I found out after the fact you aren’t supposed to contact them directly without first emailing the naca RED department and having naca officially assign the agent to you. My in house agent acted like they didn’t want my business rushed me off the phone and never called back. That’s why I went outside and probably what went on with you. I’m sure they are a fine agent they just happen to go by the book. Through reading posts on here it sounds like some in house agents are more likely to entertain business before officially being assigned a member.

    And if they make comission that’s new because in 2019 the in house agent in my area would speak at the workshop and made it very clear that they are salaried and don’t make comission. They also made it clear they don’t service the entire MSA because it’s too much driving. Lol.

    #71358
    Martin
    Participant

    Well my NACA agent explicitly told me he works off commission (no salary) and he was covering a large region from Richmond to Northern Va and out to Hampton Roads. Guess it varies.

    #71359
    Faith81
    Participant

    @Nelson NACA has a response time issue. I have come across some very nice people in NACA but honestly I have had my share of those who don’t really share the same goal as those who are dedicated to helping you achieve that dream. I, myself hope that when things ease up with this pandemic I can become some form of support in whatever way I can to assist others get to this dream and stay encouraged in the process. Like I said I have faith in the program.

    I just came up with this today because I couldn’t get a response from anyone long before today so no that is not why they are not responding. I am very humble when I ask for help and I have not done anything. I was asking if I could use it. I am not tampering with the letter because there is absolutely nothing that populates on that letter besides the offer amount and the interest rate and the rest is general information. My issue is that I plan to buy down the interest rate so the interest rate that populates on there would not be what I would be using. I am using the NACA calculator to make sure that everything fits as I have been approved.

    As for the NACA agent he wasn’t the first to contact me but they all said they came from NACA RED. All 3 failed for me and I read your previous posts about using a outside agent which is why I went that route. My outside agent says its sounds like a good program but doesn’t seem to have faith in the program because he said they have a major communication issue and this can cause problems if we aren’t able to get responses on important issues quickly (which I totally understand) He told me it might even be to good to be true but I know someone who actually completed the program and bought her house in another state so I know this is legit. I wont be going back for a NACA agent because your first impression is the most important impression and thus far what I got stuck to my mind. I have read some great stories about those who completed their purchase with the in house agent but those stories I am seeing are in other states (NC and ATL)

    As for the PSL I dont know who else to turn to because I dont have a local office and when I am requesting these PSL I am including my counselor and her manager. I know they are busy but I am human and I just want someone to help me. πŸ™

    #71362
    sneakerz4me
    Participant

    How come you can’t generate a PSL through your webfile?

    From the Purchase workbook:

    “It is often important to act quickly when writing an offer. If you are unable to wait to obtain a Property
    Specific Letter and are at risk of losing a property due to multiple offers being made on a property, you
    and your R.E. Agent are encouraged to proceed as necessary. It is recommended that you use the
    NACA Mortgage Calculator on NACA’s website to make sure the offer amount does not exceed the
    Monthly Mortgage Payment for which you are NACA Qualified. If an interest rate buy-down is required,
    you must provide proof of funds above and beyond what was required per the Minimum Required Funds
    and any amount paid by the selle r”

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