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@ambitiouslady7 I completely understand. I have been crying my eyes out and I just want some answers and guidance on what to do. I still believe in this program and I have come too far to give up. This year I will put my kids in a home. 🙂
Oh what a story that is! Wow!! Good luck on your new construction. I will be praying for us both.
This is what is happening to me right now! I also could not understand why I was approved for such a low amount. I pay $1,070 now on time each month and was approved for $827.
I had to go above my counselors head to get someone to give me an answer. He apologized for the glitch. He literally just emailed my MC to tell her to reschedule me to do a review. He said I am still qualified but he needs to get me resubmitted for an increase. He also saw that the underwritter calculated my student loan payment wrong. He said that once I update all the normal stuff…bank statements, paystubs..etc, they should see that the payment amount is lower and being paid on time each month. My level of frustration is high but to have someone finally answer my questions was a real relief. Thank you for letting me know I was not alone. The person I spoke with said the review will take about a week. I tried to look for homes in the price range they gave me too and could not find anything that was not in a bad neighborhood. Either way….I lost the home I was trying to get.
At least I have answers though.
Thanks everyone for your input.
Hello. Im sorry im late responding. Ive been pretty sick. The rep was a local rep for my city.
Also I decided to let the home go. It sounded more like a shady deal than a real one.
My agent called the Bank and the HOA. She found out the co-insurance is not at the 90% and that the unit I am trying to buy is involved with a legal matter at this time. Seller doesn’t have an agent so he did not disclose this to us but when my agent asked him if he knew, he said he did. My MC said there is no reason to go to Credit Access tomorrow because the seller is not in agreement anymore. I do not know what is going on with the home to make it apart of a legal matter but I don’t think I need to get involved in it. Back to the drawing board tomorrow.
I called Bank of America myself and spoke with their NACA Rep. He said we should push back on the seller and the HOA because someone isn’t giving me all the details. He said I should ask the HOA do they have 90% Co-Insurance. If not, this might be the issue. That is all I got but I am getting somewhere.
@JHarris981 it is monthly. I am waiting on her response again. I also have a meeting with her tomorrow so I am looking forward to getting some answers if she doesn’t respond.
As far as the HOA thing goes, she is now trying to contact someone about it. My seller is out of town but still willing to hang on as long as we get him an answer soon. I am going to call Bank Of America myself because I am getting no where. The calculations you guys came up with are on target with mine. I will get to the bottom of this. I refuse to let this house slip away….
Ugh the emotions of buying your first home is crazy. Never thought it would be this hard….but I have learned so much from all of this.
@Jharris981 $955 I wasnt planning on it unless I could get the sellers help. Its grrat to see your numbers similar to mine.
@pratik HOA – Home Owners Association
Here’s the house info:
I was told my interest rate would be 3.75%
Insurance estimate $1260/yr
This is the only home I put an offer on so I should be ok there.
Below is what my MC told me the first time:
This is only approved if the member is able to buy down interest rate to 3.75%. Please let me know if this is possible:
PITI 821.00 Monthly
Buy Down (Buyer): 2498, Buy Down (Seller): 0, Buy Down (Lender): 0 *** Principal Reduction (Buyer): 0
Then she emailed back saying this:
Approved based off
Buy down 625.00 Interest rate 4.125%
I hope you guys can see how I am so confused and stressed over this. I appreciate every one of you for trying to help.
@southflorida Thanks. No matter how many times I do that, my PITI comes up great and my MC says its not right and I must buy down the interest to meet my PITI. She still won’t show me her numbers but we have moved on past that.
I have a appt. for credit access but now the seller is scared of Bank of America. He says he has to have proof that we have closed a home in the subdivision I am buying a home in before he commits to this. He wants to make sure he doesn’t get all the way to the end and have the bank deny it because he “heard” the bank doesn’t like the HOA for the subdivision and will not close a home attached to it. UGH! My MC is trying to get him some type of proof but from what I can see, there isn’t any proof. I hate to say it, but I think I will lose this home. I am currently searching for another one just in case.
Hi everyone. I just wanted to give a quick update…the condo I was looking for had an offer on the table already BUT it fell through. My real estate agent wrote an offer and the seller accepted it the next morning. We got the property specific letter from my MC. She said I had to put up another $2500 for the condo. I asked to see her numbers. She came back and said I needed a little over $600 for the buy down instead of $2500. No response on the numbers. Anyways, we have emailed the RED team and the MC a few times. No one is responding to let us know we are a go. I am also not sure if I should be waiting for them to say it is a go. I know the inspection and earnest money needs to be the next steps but should I wait until someone looks over the offer and tells us everything is looking good?
@JHarris981 looks like my real estate agent got it all under control. I was told my MC wasn’t there but she was and just sent the letter over. Looks like I can move forward. Sooooo happy right now! I’ll keep you posted on what happens next.
I would hate that too @JHarris981 but since my MC isnt there and the other one isnt answering….it looks like I might miss out on it. I can’t go by the office right now but maybe I can when I get off. I think they don’t close till 5:30.
@JHarris981 I have found a town home that I like. I also switched realtors. I chose to go with one that was not under NACA. We are now waiting to hear back from my MC. She is in Philly at training. I emailed the other MC in the office and his emails come back “undeliverable”. There are only 2 MC’s in my city so right now we are playing the waiting game. We are ready to put an offer in.
Thanks for checking in!