Peapod0609

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Viewing 15 posts - 16 through 30 (of 456 total)
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  • in reply to: Laid off due to COVID Pandemic, Now what? #66308
    Peapod0609
    Member

    @TattedQueen87 in general this would set you back a year. But this is absolutely a case where exceptions will likely be made due to the COVID-19 pandemic. I wouldn’t stress too much about losing standing with NACA, I would not imagine something like this would count against you.

    in reply to: Interest rates slashed to 0-0.25% #66287
    Peapod0609
    Member

    Typically when the feds cut the rates, the mortgage rate will also drop. However, it’s not a guarantee as the mortgage rates aren’t 100% tied to what the feds do. They are loosely linked, but it is not a guarantee that it will effect mortgage rates or NACA’s rate.

    in reply to: Bank Application! #66230
    Peapod0609
    Member

    You should get some disclosures in the mail soon. Those will include an estimated cash to close. Check over them, and see if the numbers look right to you. It will include property taxes, prepaid insurance, prepaid mortgage interest, homeowners insurance, etc.

    in reply to: Bank Application! #66223
    Peapod0609
    Member

    Yeah, your final amount to closing unfortunately will change a few times. No, it shouldn’t be tens of thousands of dollars difference, unless something was missed.

    The exact amount can’t be determined now anyway because you don’t have a closing date from the bank. Until you do, you do not know to the penny what your taxes will be, nor the prepaid interest. And they still need to figure homeowners insurance into the escrow as well, which will happen soon. So for these reasons it is kind of impossible to know exactly what it will look like, all you can have are estimates that will change until you have the closing day and everything else finalized.

    Which is another point, if you signed your bank app, now is the time to be shopping for homeowners insurance.

    in reply to: Atlanta ATD CANCELLED?? #66222
    Peapod0609
    Member

    @Ttrumble any word on the ATD event?

    in reply to: Bank Application! #66202
    Peapod0609
    Member

    I second that, if you’re referring to the thing you get in the mail, NACA clients do not need to do that. BOA sends that out for all loans. If that’s what you are doing, then you do not need to do that and that is actually not what we are referring to when we say the bank app submission phase of the process.

    Basically, the bank app submission occurs after you have been Credit Access approved. After you are approved, this is where you come into the office and your MC will have you sign a bunch of paperwork and when the appointment is over, your loan will be sent off to Bank of America. At that point most stuff is out of NACA’s hands and your MC/NACA is mostly a middle man between you and the bank. It is at this point where you should also start calling the mortgage department for updates, their number should be in the webfile and/or NACA’s website.

    To answer the other part, yes. Yes, this is where you should be seeing your final interest rate when you come into the office to sign the bank app. The grant (if you qualify) and buydown stuff should be in there at this point. If you get to this point and you feel there is an error, be sure to speak up to your MC and see if you can get it resolved before signing it and sending your file along to the bank.

    Keep in mind to my knowledge you won’t “see” the grant anywhere. I received it but I did not see a line item for it or anything like that, it just manifested itself in a 0.5% interest rate reduction.

    in reply to: Proof of MRF at ATD event #66201
    Peapod0609
    Member

    Well, I can give you my personal experience. I went to an ATD event and ended up closing a little over 2 months later last fall.

    I took out a 401K withdrawal to help with my MRF. We were a little bit short with our savings/checking account, and our MC used my 401K savings to get us qualified at the Chicago ATD Event in September.

    I didn’t do a loan so I had to pay a 10% IRS penalty and what not, but to me it wasn’t a huge deal.

    in reply to: No Response for weeks – MC #66186
    Peapod0609
    Member

    Sorry for the above reply, I meant to write that in another thread! Not sure how that happened!

    Just know that the MC’s are overworked a bit and have very heavy workloads. Seems you have talked to Member Services and the office manager and hasn’t worked either. If that does not work, and your MC and their manager are not helping you out, you can also try reaching out to a regional manager.

    Speak to member services and ask to speak to the regional manager, they can get you in contact with them. I had to do that once, and it got my problem resolved.

    in reply to: Final Clear to Close #66185
    Peapod0609
    Member

    @2BLESSED congratulations! Did you close yet or at least get a closing date and time?

    in reply to: No Response for weeks – MC #66184
    Peapod0609
    Member

    @2BLESSED congratulations! Did you close yet or at least get a closing date and time?

    in reply to: Payment Shock #66136
    Peapod0609
    Member

    @kjenkins79 Payment Shock is the difference between your rent and your mortgage. If your rent went up, your payment shock should likely go down, assuming you don’t want a higher mortgage than before.

    For example, if your rent was $1,100 and your expected PITI for your mortgage payment was $1,600, your payment shock would be $500.
    If your rent increased to $1,300 and you still wanted that $1,600 mortgage, your payment shock would be $300.

    In other words, no your payment shock doesn’t typically stay the same with an increased rent.

    in reply to: NACA interest rates higher than traditonal #66008
    Peapod0609
    Member

    @msob24 if you have your credit access meeting tomorrow, then your rate should technically already be locked prior to that. It gets locked in once you have a signed contract and your MC processes it. For you to be having a credit access meeting, that should have all been done.

    in reply to: Submitted for Credit Access & Have Final Closing Date #65971
    Peapod0609
    Member

    @BakerTheBaker congratulations! That still leaves you with plenty of time to close on time, you’re right on schedule, so far.

    in reply to: Qualification help #65836
    Peapod0609
    Member

    What @Nelsont states is good advice. Being that it is the latter part of the month and the statements should be generated shortly, they may want updated bank statements. So if you do all of the above, then you should be fine.

    Be sure to have copies of any other debt statements such as credit cards, student loans, car loans, etc. Also your updated paystubs, W2’s, tax returns, and tax transcripts. All of that will likely be needed if you want to be NACA qualified that day. I am not sure if they want the 2019 tax info yet, but being that the event is at the end of March, they might want it since your 2019 tax info should be available by now. It is always better to come over-prepared, so try uploading everything you can to the portal, and bring hard copies just in case. I think they also need your driver’s license and if you have your voter registration card, bring that as well.

    I got qualified at the Chicago ATD event in early September and ended up closing in mid November, so once you get NACA qualified, things can move pretty quickly if you find a home you really like!

    in reply to: BOA Home Grant Program #65835
    Peapod0609
    Member

    For me I didn’t “see it” anywhere, it just showed up as a lower interest rate. I closed back in November with NACA. Like, there was nowhere on any disclosure that said “Bank of america Grant” or anything like that at all. I just knew I got it because of the math.

    The regular 30 year NACA rate when I went under contract was 3.375% and we bought down the interest rate with 5% of seller contribution. Each 1% equates to 0.25% off the rate, so we got 1.25% less in interest due to the buydown.
    So my interest rate should have been 3.375-1.25 which should have been 2.125%, right? Well, on the bank app it said 1.625% and that was the rate I got. I even confirmed with our MC that we got the grant, and he said yes. So, clearly we got the additional 0.50% off as 2.125% minus the 0.50% is indeed 1.625%.

    So in short, I don’t think it will show up anywhere in any of the disclosures. But doing simple math will let you know if you get it or not. At this point you should know if you got it or not if you’re near closing, your final interest rate shows up on your bank app, and should properly show up on the disclosures, now.

Viewing 15 posts - 16 through 30 (of 456 total)