Purchase workbook vs qualification workbook

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This topic contains 3 replies, has 2 voices, and was last updated by  TTrumble 5 days, 2 hours ago.

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  • #48251

    frankysmom
    Member

    I actually sat and read all 80+ pgs of the purchase workbook version 14.3 found here
    https://www.naca.com/media/1246/purchaseworkbook.pdf

    and I am a bit confused about how multi family mortgage amount is calculated. Per the qualification workbook current rent + shock + rental income (.75) as explained here by @ttrumble ( http://forums.naca.com/?topic=increasing-purchasing-power )

    Per the purchase workbook, page 49 and 50, there is another calculation that may limit the qualifying amount. Calculation 2 takes factors in net cash flow which reduces the amount drastically.

    • This topic was modified 1 week, 1 day ago by  frankysmom.
    #48258

    TTrumble
    Member

    Hello frankysmom,

    The second calculation will only make a significant difference if you have a large amount of deductions from your paycheck each pay period. Otherwise, they should be reasonably close figures. Discuss the specifics with your counselor during your appointment.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #48261

    frankysmom
    Member

    I think I found out my miscalculation.

    (Net income + rental income) minus ( monthly debt + 400 landlord fund + monthly household expenses)

    I included debt in the household expense as well as rent when household expense is only, (living expenses + walking around cash + yearly expenses)

    Is that right?

    #48298

    TTrumble
    Member

    Hello frankysmom,

    Looks like you got it.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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