Question for Tim

Home Forums Purchase Program Question for Tim

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  • #30806
    rashad3000
    Participant

    Hey Tim, I hope all is well.

    With rising rents, we are looking to get my mom in a home so that she can have a stable payment until she goes to meet her maker in 30-40-50 years 🙂 She is looking to retire at the end of the 2016-2017 school year. With Georgia TRS, Texas TRS, and social security, her monthly income would be around $2000.

    She is currently paying around $897 for rent. In our area, she can find a really small home or condo for around $70,000 – 80,000. Her payment would be around $500-600. Her next appointment is on June 4. Assuming all of the items on her task list are cleared, this should be a very simple qualification, correct? She already has the MRF in a 403(b) account and probably can show around $2500 a month in “excess” money.

    #30820
    TTrumble
    Member

    Hello rashad3000,

    Great to hear from you! Based on what you have stated here, not to mention how very well you know the NACA process, it does indeed sound as if the qualification could be very simple.

    Of course you know as well as anyone that there are other factors involved in the qualification process beyond just the information you stated, but I’m sure you have already taken them into consideration.

    Sounds like she may cruise right through the process, especially considering the outstanding coach she has on her side! Keep us updated!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #30823
    rashad3000
    Participant

    Thanks, Tim. I truly appreciate you man. None of us would be where we are without you!

    FYI: The home we built a year ago with a base price of $203,990 just went up to $218,990, from $216,990 a month ago. We are building a ton of equity every month with our $1200 principal payment and with the appreciation. It’s truly unreal!

    #31398
    Kristopher Fraley
    Participant

    NACA!!!!!!!!!

    #31401
    dhughes1982
    Member

    Hello Tim,

    We are having a problem with one last Condition that neither naca or the lender can figure out who is supposed to address this issue. We are scheduled to close 2/29/16, 10 days away per our P & S. The condition is as follows :

    The lender requested a COC from rehab. My MC replied stating that there was no COC needed due to there being no change in the loan amount including the Rehab from the start of bank application.

    The lender responded stating that all rehab budgets must come through the COC mailbox regardles if there is no actual changes to the loan.

    Our Hand representative disagreed and added the following comment:

    NACA processing will provide this documentation with final COC email they send directly to the lender…. This is not a “Rehab” condition type, this is a “Disclosures” or “GFE” re-disclosure” condition type. If this response is rejected, then please recondition file with correct condition type. C.A.

    Please advise us as to who should be addressing this condition. We do not want to lose our home over a miscommunication between naca and the lender.

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