Wells Fargo Neighborhood LIFT

Home Forums Purchase Program Wells Fargo Neighborhood LIFT

Viewing 11 posts - 1 through 11 (of 11 total)
  • Author
    Posts
  • #10432
    denversigma
    Participant

    Is there anyone out there that has SUCCESSFULLY used the Wells Fargo Neighborhood LIFT program in conjunction with a NACA mortgage?? I have approval for a down payment assistance grant via the program, but I can’t seem to get cooperation from the non-profit administrator to allow for use with the NACA mortgage.

    #10467
    TTrumble
    Member

    Hello denversigma,

    The Wells Fargo Neighborhood LIFT program is acceptable for use with the NACA Purchase Program. If the administrator is being uncooperative, it’s most likely because they want to try to get you to obtain the loan through Wells Fargo. Just be an insistent “polite pest” and you should be fine.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #10471
    denversigma
    Participant

    @TT – thank you for the reply. I was in fact insistent, even escalating my request to the lending manager locally, and offering for the lending manager to conference call with my MC. I also escalated my concern to the senior officers at both WF and the operating non-profit. Any advice on what I can do next? I REALLY don’t want to lose the grant.

    #10480
    TTrumble
    Member

    Hello denversigma,

    Very simply, you stay with it. You keep contacting them, keep being a pest. Eventually they will give in and give you the grant.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #10482
    denversigma
    Participant

    Another question: Let’s say my qualification letter states that I am qualified for a $100,000 loan at $620 per month. If I want to purchase a home priced at $120,000, can I just buy down the rate to bring the payment to $620 per month, or conversely, put down a $20K principal reduction – or would I need to seek a complete re-qualification for the higher amount?

    I have this question in to my MC but haven’t yet received a response.
    Thank you in advance.

    #10483
    TTrumble
    Member

    Hello denversigma,

    All of the above are options. You will need to consult with your MC on which will be the most effective means for you, especially with the new guidelines for the interest rate buydown program. It’s most likely though that roughly a four point (1%) buy down would do the job and be the most effective means.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 6 years, 8 months ago by TTrumble.
    • This reply was modified 6 years, 8 months ago by TTrumble.
    #10487
    aaelam
    Participant

    Hi denversigma,
    I have also been in contact with Wells Fargo Lift Program. My understanding is, you must have an approval/qualifying letter from a lender and a signed contract to have a meeting with one of their consultants for the($15000) grant. If you do not have a NACA qualification and/or a purchase contract yet, that may make it harder for you to bargain with them. I am going after that grant too if and when I am qualified late July.

    #10488
    denversigma
    Participant

    I actually have both. The issue they are stating to me is that my loan wasn’t (isn’t) secured through BOA directly. (CITI isn’t eligible to participate)

    They plainly stated that if I were to go to BOA directly and obtain a loan there would be no issue. As TT stated, this most certainly has something to do with their reluctance to allow qualified individuals to shop elsewhere for mortgages. I hope you have much better success with them than I am having. My conditional commitment letter expires soon.

    Keep us posted and I will do the same.

    #10735
    outadaprk
    Participant

    yes, this would be interesting to know. I was just thinking about other grants today and if NACA will work with several of them.

    #10736
    outadaprk
    Participant

    or vice versa…I meant if they will work with NACA. you get it.

    #10737
    denversigma
    Participant

    It may very well be a “vice versa” situation…apparently the bank application depends on obtaining the granted funds upfront?? I don’t know of ANY down payment assistance grantor that will provide funds to the borrower prior to closing. The grantors have to ensure the borrower only fills the financing “gap” (if one exists) and doesn’t receive any cash back at closing other than their own funds.

    Hopefully I’ll find out that I was misinformed. I don’t know what else to do at this point….

Viewing 11 posts - 1 through 11 (of 11 total)
  • You must be logged in to reply to this topic.