Targeted Member and Buydown Questions

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This topic contains 11 replies, has 3 voices, and was last updated by  TTrumble 6 months, 1 week ago.

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  • #40936

    kissamonk
    Member

    Hello everyone,i just had a couple of questions about the buydown and being a targeted member:

    1 how do i know if i am a targeted member? When my fiance and i became naca qualified it said targeted on the paper, but our counselor says we are not.

    2 if it turns our we are targeted, where can i find more information on the lender match for the buydown? Our counselor was not very much help and said she had never seen or heard of it. She also told us we can put however much we want towards the buydown and there is no cap, which is contrary to what I have read here.

    I just want to make sure we can utilize as many resources and help towards the buydown we can.

    Thanks

    #40937

    Hello @kissamonk,

    This is what I found in the handbook.

    Targeted Members – Members on the bank application whose combined income is less than 80%
    of the median income in the Metropolitan Statistical Area (“MSA”) or assessment area where the Member is purchasing. If the Member changes the area they decide to purchase, their targeted eligibility will be based on the median income where they actually purchase.
    – To make this determination by area go to http://www.naca.com select “Purchase Program”, scroll down to “Who’s Eligible” and select bullet point # 4.A. Targeted Members.

    Someone else would have to answer your buy down question as I still have questions about the process as well.

    #40939

    kissamonk
    Member

    Thank you @searching4homes. I looked at that before an determined that my fiances’ income is under. Just wanted to double check before we proceed on a home we love.

    #40943

    @kissamonk, assuming you don’t have any income or won’t be residing in the property, you should be good to go if your fiancés’ income is under that threshold.

    #40944

    kissamonk
    Member

    I’ll be living there but we decided to only put him on the mortgage. Will that affect it in some way?

    #40945

    @kissamonk,

    Per @ttrumble on a previous post (http://forums.naca.com/?topic=partners-income) post, “All household members over the age of 21 must have their information included, including income information, bank accounts and credit file.”

    Things change, so I would check the workbook to see if that has updated since then.

    #40947

    kissamonk
    Member

    I brought all of that to our first meeting and remember them telling us that at the workshop, but our counselor (the same person who did the workshop) said she didnt need it. I hope we dont have to go back and redo everything because that will put us back.

    • This reply was modified 6 months, 1 week ago by  kissamonk.
    #40949

    Welp, if your MC confirmed your info isn’t needed, I say that’s a win for your situation. If he/she is aware you’re going to be living in the household and has said your income and/or debts will not be used maybe there has been an update that will allow you all to move forward. If I was you, I certainly wouldn’t make it a big issue with the MC if she/he signed off on it.

    Best of luck with your journey.

    #40960

    kissamonk
    Member

    Thank you and same to you

    #40963

    TTrumble
    Member

    Hello kissamonk,

    I’m afraid that the post Searching4Homes referred to is still accurate. I gather from that and a couple of other things in the thread that you have a very new counselor.

    Please contact me by email with your name, Forum screen name and NACA ID number so I can help you get properly on track.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #40970

    kissamonk
    Member

    @ttrumble thank you i just sent the e-mail.

    #40977

    TTrumble
    Member

    Hello kissamonk,

    Please check your email for my response.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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