Searching4Homes

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  • No, applying with other lenders while in the NACA program will not hurt your application with NACA. I personally had 4 approvals from other banks while in the NACA program. One reason was to shop around for interest rates and the 2nd was to have a plan B in case I needed to exit stage left from NACA.

    They will make you write a letter explaining why those banks made an inquiry on your credit report.
    My LOE Letter:
    RE: Credit Inquiries
    Dear Adowa Arthur:
    I show the following inquiries on my credit report for the past 120 days:
    1. NASA Federal Credit via Equifax Mortgage Service on 11/06/2017
    2. Neighborhood Stabli via Equifax Mortgage on 10/24/2017
    3. Wells Fargo Bank NA via Credco on 10/17/2017
    4. My CU Mortgage via CBCINNOCIS on 10/17/2017
    5. Evolve Bank Trust via CBCINNOVIS on 10/11/2017
    The reasons for these inquiries were to shop around for the best mortgage interest rates to acquire a mortgage. None of these inquires resulted in a new line of credit.
    I attest that since the application to NACA we have not opened any new lines of credit.

    in reply to: I’m having so many problems #44991

    With NACA you can’t be laid back and wait for a miracle. Take all of those individuals I listed above and put them all on ONE email and keep following up on that ONE email until someone responds.

    Facebook – They have a live event going on RIGHT NOW. @ttrumle is presenting on in. Start blowing it up and leaving messages. Here’s the link! https://www.facebook.com/NACAOfficialPage/videos/703751259985417/

    Twitter – Create an account and start tagging them.

    Go to their office and let them know you will wait until someone speaks to you.

    Again, at this point you have NOTHING to loose. These forums can only help but so much. If you want it bad enough, hold them accountable and make someone respond.

    in reply to: I’m having so many problems #44979

    I would also start making posts to their live events held on Facebook and go on Twitter to get someone’s attention.

    At this point you have NOTHING to lose. I would send a follow up email to your MC, office manager, Regional director, Tim, Erik and Bruce detailing out the issue and the time you spent reaching out to people with no response.

    in reply to: I’m having so many problems #44978

    These are the contacts I found online.

    Erick Exum, National Director
    Work: 704-536-7676 cell:704-608-2144, eexum@naca.com
    Bruce Marks, NACA CEO
    Work: 617-250-6222; cell: 617-835-4477, email: bmarks@naca.com

    in reply to: Appraisal under contract price #43973

    I suppose I will share my experience. I did not want to share this previously as I did not want to give any members false hope and possibly kicked off for going against the information @ttrumble put out there. Haha

    My appraisal was $3000 less than the offer. Upset, I knew I had 2 options: dispute the value or ask the sellers to drop the price. I decided to do both. One lovely day I’m on the phone with an AWESOME hand rep trying to waive my repairs and I briefly mentioned, ” I may not even get this house! The appraisal is $3000 below and I’m not sure if the sellers will drop the price”. He was totally shocked and asked me why didn’t my CC get permission for me to pay the amount out of pocket. I explained to him NACA does NOT allow you to cover the amount out of pocket and he corrected me, “they do on a case by case basis and it has to come with high level sign off”. He told me my income looked good, credit, etc. and he would send the request for me! He sent out the request as promised and I was CC’d to the e-mail, but maybe 30 minutes later I got an e-mail from my realtor advising they would drop the price $3000. I don’t know if it would’ve been approved, but I know for a FACT it can be requested. Good luck.

    in reply to: My Journey #43291

    @Whitknee

    I asked what day were they sent because my employers have been looking for them since 7/9 and they don’t have them. Her response “doesnt matter what day they were sent I sent them’. I was speechless after that.

    That type of attitude is unacceptable. I’m so sorry that she spoke to you that way. I would absolutely file a complaint with Member Services and ask for her manager’s e-mail address. I would follow up with her manager quoting her comments with her CC’d on the e-mail!

    in reply to: New NACA criteria and purchase amount #43181

    Hello @southflorida,

    I’m not debating anyone on if I think this is a negative or positive change, I just want to understand the guidelines so I can explain it to others that I recommended this program to.

    in reply to: New NACA criteria and purchase amount #43180

    Thank you so much @Pratik,

    At this point I may be overthinking this. Thankfully the house I’m helping my cousin go through the program with is not going to be an issue, but I would still like to understand the program so when I recommend it to folks I half know what I’m talking about.

    Priority Area: Is a census tract (an area or neighborhood between 3,000 and 6,000 people) where
    the median family income of the tract is less than 100% of the median income of the MSA.
    Using your example of 8129 Ronda Drive, North Charleston, SC the property has a tract population of 8004. Now I never used this site in my life so is that the correct population for that area? Also, is NACA really implying the population of the area cannot exceed 6000 people?

    The 6th box down in the grid tells the percentage of the median income. Anything below 100 is a Priority Area. The third box down is the median income for the MSA. If the Tract Income level in the top box reads “low” or “moderate” it is a Priority Area. Does this really mean the median income can be under 100% or have a tract income level of “low” or “moderate”?

    I may be overthinking, but hey, I’m an underwriter, it’s my nature. 🙂

    in reply to: Purchase/Approval Amount Inquiry #43171

    If you can for certain tell you now qualify for a higher mortgage amount, take that information to your MC and show them you qualify.

    Take your proposed mortgage amount and divide it by 0.31. If your monthly income exceeds this amount you will know based on your income you qualify for that amount.

    Example: I want a mortgage amount of $1500/month and make $5000/month. $2000/0.31 = $4,838.71. This mean in order meet the housing ratio for a $1,500 mortgage I must make at minimum $4,838.71 per month and since I make $5000 per month, I qualify.

    Now here is the tricky part, the total debt-to income ratio must not exceed 40% of my gross income. 40% of my gross income for $5000/month would be $2000.00/per month. With this amount I know I cannot exceed $2000/month in debt including my new mortgage. If I have less than $500 in debt, I should be able to qualify for a $1,500 mortgage. If my debt exceeds $500 I met the income guidelines, but I did not meet the debt guidelines so I would not be able to afford a $1500 mortgage.

    NACA guidelines has been changing recently so I would highly recommend you fact check my information with the NACA Qualification Workbook

    in reply to: New NACA criteria and purchase amount #43167

    Can someone show me a random example of a middle class under 100%? Maybe I will understand this better. The NACA directions says the income level must read “low” or “moderate” in the top box of the tract income level. From reading the FFIEC site I found there can be 4 options: low, moderate, middle or upper.

    I searched 10 high priced properties in neighborhoods that I knew would have a low tract median family income % and the all read “low” or “moderate”. I moved my search to a different part of my city and they all read “middle” or “upper”. All 10 loans with “middle” or “upper” exceeded 100% of the Tract Median Family Income %.

    in reply to: New NACA criteria and purchase amount #43164

    The way I simplified this (and I could be wrong) is if you are a non-priority member you no longer have an “area wise” cap; however, you are also no longer able to purchase properties in middle class or upper class populated neighborhoods defined by the FFIEC website.

    So for example, I can now by a $300k house in Durham, North Carolina on the east side of Durham (it’s a little rough over there) but I cannot buy a $300k house near the Southpoint high income populated area.

    Now am I understanding this right?

    in reply to: Offer accepted #43108

    @determinded1227
    I found out what my payment would be when I submitted my bank application, maybe sooner. I can’t remember.

    As far as when the interest rate locks, see my old thread on here http://forums.naca.com/?topic=slightly-annoyed-locked-interest-rate

    in reply to: Household Member not on Mortgage #43107

    Hello @achieve_our_dream

    The total household income will determine if you are priority or non-priority member. Per the NACA Qualification Workbook, NACA will retrieve a credit report for you, co-borrower(s) and for all members of your household over the age of 21 to review the payment history of debts affecting readiness for homeownership.


    @TTrumble
    answered a similar question on a post of the forum. See http://forums.naca.com/?topic=a-lot-of-questions

    in reply to: No Response #43106

    @Hanginginthere kudos to you for printing out the timeline in the NACA Purchase Workbook! I STRONGLY recommend that everyone follows this timeline as close as possible and start escalating when you’re off pace.

    in reply to: Credit Report 90 late open account #43105

    Hello @Joe22,

    NACA will review the credit report to determine if you have demonstrated a minimum of 12 months of on-time payments for all obligations. Since your 12th on-time payment for your student loan will be in September the earliest it reflect on your credit report would be in the month of October.

Viewing 15 posts - 1 through 15 (of 169 total)