February 10, 2019 at 5:15 pm #47540
Hi long before I ever went to the Naca event I had been doing extensive research about the program. I came across the lender matching grant and it really caught my eye. On top of all of the other great options Naca offers. I read about the 7% max of purchase price buy down, after that you can buy down principal, whatever money is bought down towards principal the lender will match to continue to buy down interest rate. As long as you are 100% under the median income of the city you are purchasing in. I had my first intake meeting and brought that up and my MC had no idea what I was talking about. I was then told there is no cap to how much you can buy down… Which to my understanding there is a legality thing with a 0.00 interest rate. But according to my MC I can buy it down however much I want…I was even given examples of previous people they had helped who bought down their interest rate past 7% and down to 0%. Now im pretty sure in my research that what I know is right. But It does make me second guess when I have an MC who works for naca telling me otherwise. I sent her numerous links to different forum conversations and still nothing. One reply she said oh we don’t get lending from Citi anymore and the 7% doesn’t apply. So I sent her links EXCLUSIVELY talking about bank of America lending and didn’t hear anything back. I am not at all shocked that my MC doesn’t know about this because like I said I lived in these forums before I even went to the event and saw multiple times people stating that their mc had no idea what they were talking about, BUT I did have a glimpse of hope that more MC’S would be educated about this part of the program since many people have said that they didn’t know about it. Anyways moving forward what do I do now. The only information I have to send my MC are the forums I have read, but I would think she needs something more substantial? I will say so far she has seemed “open” about this thing she has never heard of, But what is the more professional way on NACA’s end to reach out and let her know what im talking about. I feel like theres only so much I can do and only so many forums I can send.. But I do not want to miss out on a great opportunity either.
Thanks for any info!February 11, 2019 at 12:02 pm #47541
The only thing I can think of is *maybe* the person you are dealing with is a just a Housing Counselor, who handles getting you ready to be submitted to NACA underwriting. Housing Counselor are not legally certified/allowed to go through the loan process, so once you are “NACA approved” your counselor will change to a Mortgage Counselor who will handle you through the end of the bank loan process. Hopefully they will know more about the lender matching grant, which is very real and can be taken full advantage of. Don’t get discouraged, it sounds like you are very proactive and will be successful in taking advantage of all NACA has to offer.February 12, 2019 at 9:59 am #47544
Ohhh that may be it! I definitely misunderstood I thought that I was with my MC already. My mistake. Either way I will stay on top of it and make sure were all on the same page when that time comes. Thanks so muchFebruary 12, 2019 at 1:02 pm #47549
It’s not always that it happens like that, sometimes you stick with the same person the whole way through but in mine and my cousins case we both were switched to a licensed Mortgage Loan Originator once we were NACA approved. Maybe your current MC is new and not experienced with NACA loans. You can always call the office and ask to speak to the office manager if you think they are giving you false information, and they should clarify for you.
See this thread http://forums.naca.com/?topic=mortgage-consultant-vs-housing-counselor
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