Forum Replies Created
It is great that NACA Customer Service is now on the forum, that will be a great help for members who need it
Good luck, I went through the same thing but with a New Construction and I ended up having to pay the difference because they were already giving me a good amount in seller contribution.
PS: I don’t know why I’m getting the following error message when I try to reply to a post:
ERROR: Slow down; you move too fast
PS 2: I have been trying to post this for like 10 minutes and I keep getting the same error message
Just to make things easier, make sure that the balance of all bank accounts combined added up increase by at least $129 every month and you will not have issues getting approved for $1,374 as long as your minimum debt monthly payments are not more than 9% of your monthly gross income. does it make sense?
@Renegade I would assume that you have to sign the new documents, there was a change of circumstances, the numbers are changing for sure, with the additional $1K in seller contribution, I am assuming you would be getting a lower interest, However, consult with your NACA counselor
Based on your sister’s age, I don’t think it would affect the process because of her age and because she does not have any income or debt, I would recommend not to do anything about it and just continue the process as it is even if she will be moving in with you. However, even though I am a real estate agent, I am not a NACA counselor or a NACA employee, I just wanted to clarify that just in case, that’s just my opinion and my recommendation
If they ask for recent bank transactions not included in your most recent bank statement, you can send them a PDF document that shows the URL of the Bank website, instructions below:
If you click “print” and then select “Print to PDF” it will save it as a PDF with the URL.
Make sure in the “header / footer” section, URL option is turned on.
To turn on the URL:
Right Click, Select “Print Preview”
Click on “Page Setup (gear symbol)
Header / Footer: URL
If you just click the printer symbol after, it will take you to the print dialogue box.
To Save as PDF See below.
Right Click, select “Print”
Dialogue box opens. You select “Microsoft Print to PDF” and click print again.
Once you click print the second time, it will let you save it to your computer.November 20, 2019 at 5:03 pm in reply to: Bank of America Lender Credit for Interest Rate Buy-Down #62347
I just wanted to clarify something @Nelsont mentioned about Realtor fees, with the NACA program, Bank of America does not pay for the seller’s or buyer’s realtor fees, that’s paid by the seller just like in any type of loan.
Bank of America pays for some closing costs, but definitely nothing to do with realtor’s commissions.
Oh ok, so still owning the house is no issue while being in Credit Access and even Bank application with Bank of America? I am asking because I believe that someone has posted here that you can’t own the house when the Bank Application comes which I though was strange because Tim has indicated before that as long as the current house closes before the new house, there are no issues
@Belle can you please give us more details of how your experience has been with NACA buying a house while having/selling your current house?
what’s the number of the mortgage department? When I went through NACA the process was different and you were assigned a Closing Coordinator.
I would also like to know how long it’s taking BOA to generate the commitment letter after the Bank application is submittedOctober 24, 2019 at 11:25 am in reply to: My Naca Journey and Story so far, let me share with you #61676
what do you mean present properties? your realtor should have some general knowledge of the properties you would be able to afford based on your approval monthly payment, he/she should analyze things like the taxes, HOA (if any), purchase price, etc, if he/she considers that you can afford it, he should send it to you for your review, if you like it, he/she will show it to you, if you like it, he/she will request a property Specific Letter (PSL) to your counselor so you can make an offer and in my experience, counselors take PSL’s request more serious than other normal questions, so you should get it back within a day or two… I also live in Florida and I know that good properties sale quickly, so follow up with your counselor after your realtor has requested a PSL and you should get it back quick.
@outrenthome I think that Tim Trumble once said here in the forum that it would be possible but he has not seen anybody do it that way…