January 6, 2016 at 4:52 pm #30806rashad3000Participant
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.January 7, 2016 at 1:46 pm #30820TTrumbleMember
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!
Online Operations, NACA
email@example.comJanuary 7, 2016 at 2:59 pm #30823rashad3000Participant
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!February 19, 2016 at 11:55 am #31398Kristopher FraleyParticipant
NACA!!!!!!!!!February 19, 2016 at 9:56 pm #31401dhughes1982Member
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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