September 1, 2020 at 9:06 pm #71698dpruitt27Participant
I got qualified on August 19th and did the Purchase Workshop on August 20th. We were told we’d get a qualification form within 24 hours, bu I didn’t get one after 4 days, so I talked to the Live Chat folks and they uploaded one to my file. The qualification form doesn’t include my interest buy down money and the taxes in the area I’m looking at aren’t correct, so the qualification form has a considerably lower purchase price than what I can actually get. (I’m also in an MSA where BoA contributes .5% to the buy down and I’m under the median income, so there’s even more contribution to my monthly payment amount that isn’t accounted for).
I tried calling and emailing my Mortgage Counselor, but didn’t get any response for 4 days, so I called Member Services and got a reply from the office in less than an hour (yay)! I tried to ask the person I spoke with about how to get an updated qualification form since the Purchase Webinar said DONT make an offer on a house that’s a higher price than that form, and he said I don’t need an updated form and my MC will go over numbers with me once I make an offer. Since the Purchase Webinar said don’t do that, I’m questioning this. Can someone help?
Also, I’d like to use an outside realtor and am getting conflicting info about whether or not they have to be registered with NACA and take the realtor webinar in order to proceed with them.
Any advice would be super helpful, thanks!September 1, 2020 at 9:30 pm #71700NelsontMember
You are qualified only on what your base salary and DTI says you can afford therefore the qualification letter reflects this.
The buy down is not taken into account until you actually go to submit a psl request for an offer on a house.
The letter also will not take the boa grant into account for a couple reasons. First it’s not a naca program it’s a boa program. naca is qualifying you boa is not. The boa grant is automatically added by boa if you qualify after you submit a contract. None of your paperwork will include the grant until boa issues a loan estimate which incidentally might not include buy down so don’t get worried. In fact the only document you will receive that is near exact will be the 2nd “final” closing disclosure which is issued often a day or two before closing. The exact exact amount will be communicated by your title company or closing attorney the day before or morning of closing. They make you sweat it out lol.
Also the requirement is not below the median. It’s below 80% of the median meaning you have to be considered low income as defined by the federal housing finance administration.
Never never never call your MC unless they specifically ask you to. This is probably why you had trouble. They will rarely return calls regardless of the situation. Email your MC and copy your naca lynx email address.
Every agent must be registered with naca. The link is on the website. It’s a 90 minute webinar every Tuesday at 1pm (?). Attend the webinar and that’s it. Simple.September 1, 2020 at 9:33 pm #71701
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