Peapod0609

Forum Replies Created

Viewing 15 posts - 421 through 435 (of 456 total)
  • Author
    Posts
  • in reply to: Closed! Happy homeowner! #49652
    Peapod0609
    Member

    Congratulations! I think it would be beneficial to share your timeline as I am in the beginning stages of the NACA process, and I am always interested to see how long each step takes with everyone ot get somewhat of an idea of what I can expect down the line.

    in reply to: NACA Loan Limits in my area #49599
    Peapod0609
    Member

    Adding onto that, Suffolk County, NY also is an area that offers the new Bank of America grant program that gives you an additional 1% off the interest rate. It is automatic as long as you are at 80% or less of the median income in the MSA you wish to purchase in.

    You would be well under that at $83,000, as $83,000 is around 71% of the median income of $116,700 in Suffolk County.

    Peapod0609
    Member

    I highly doubt they “shut down” your post because of people being critical of the process lol.

    There have been threads that were FAR worse than this in that regard. This seems more like a tech glitch, than anything. A broken URL, perhaps.


    @TTrumble
    , can someone look into this? You can’t access page 10 or forward on this thread, it creates an error message. You can only get here by doing workarounds, like through email or clicking on a posters name, going to their replies, and clicking on the post number in the top right corner.

    in reply to: Max purchase price and income #49535
    Peapod0609
    Member

    TJSLA,

    Below are some links that may help you out a bit.

    To determine if your income is below the median income in the MSA in which you want to purchase, go here. I believe this is using 2018 numbers, as 2019 comes out later in the year if I am not mistaken.
    https://www.ffiec.gov/pdf/msa18inc.pdf

    If you are below the median income, you can purchase a home anywhere in that MSA. If you are above it, then you can only buy in specific “tracts” where the median income is below 100% of the MSA. Find this information at the link below:
    https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx

    Basically, you want that line that says “Tract Median Family Income %” to be under 100. If it is, you can purchase that home.

    I think I have all of that right, some of the people that have been here a little longer, correct me if I am wrong!

    *EDIT* SouthFlorida kind of beat me to it. They have excellent information, as always! 🙂

    • This reply was modified 3 years, 1 month ago by Peapod0609.
    in reply to: How, and When, Exactly, is Income Determined? #49483
    Peapod0609
    Member

    In that case, I hope they use primarily our 2018 W2 information to qualify us, as that would put us under the threshold for the 1% lower interest rate.

    in reply to: How, and When, Exactly, is Income Determined? #49464
    Peapod0609
    Member

    I am in the EXACT same boat as you as for wondering how they determine income, and also wondering when the new median income numbers will be coming out.

    If you use my wife and I’s full gross income, I think we are at like 82-83% of the median income in the MSA we wish to purchase in (which is listed as an MSA that is compatible with the new BOA grant that lowers your interest rate by 1%). But if you go by adjusted gross income, or say Box 3 of the W2 as you said, we are well under, like in the 74% range. I am also facing a possible promotion this year, so that could further push us out.

    But I have not gotten a great answer on this, either. I have asked many times here, made a thread about it even, and I asked our counselor during our intake session a few weeks ago, and I still have no idea how exactly income is determined.

    • This reply was modified 3 years, 1 month ago by Peapod0609.
    Peapod0609
    Member

    Reading this thread has been nerve wracking, I can only imagine what some of you have gone through here!

    This makes me very nervous for my closing process, especially since I want to be out of my apartment by early February as that is when my lease ends, and I likely won’t be NACA approved until October at the earliest. That’s a tight window given some of the timelines I have read here.

    Hope you all get the news you are waiting for!

    in reply to: Best payday loan company #49442
    Peapod0609
    Member

    Yeah I am going with @TTrumble on this one. Payday loans honestly should be illegal, I would ask why you feel the need to take out a payday loan in the first place, as they are never really a good idea.

    in reply to: ATD Was Incredible! #49441
    Peapod0609
    Member

    Cool, thank you BakerTheBaker for that tidbit.

    in reply to: ATD Was Incredible! #49423
    Peapod0609
    Member

    @TTrumble, are you able to speak about what BakerTheBaker said regarding what this additional 1% off of the interest rate is all about?

    We know that BOA came out with the new grant program that allows for an automatic 1% lower interest rate if you are below 80% of the median income in the MSA you wish to purchase in (if your MSA qualifies), but they also mentioned above an additional 1% in select areas ON TOP of that in which NACA wants to do more business in? This would effectively start you with a 2% lower interest rate, but they mentioned you could not buy down funds any further.

    I would like to know more about that!

    • This reply was modified 3 years, 2 months ago by Peapod0609.
    • This reply was modified 3 years, 2 months ago by Peapod0609.
    in reply to: InCorrectly inputting key info in the mortgage calculator #49304
    Peapod0609
    Member

    Hello Dorange09,

    I will try to assist you as best I can as I have used the NACA mortgage calculator on the site many times. Are you using the on site calculator? If so, my instructions are kind of pertaining to that. The online one is found here:

    https://www.nacalynx.com/naca/Purchase/purchase.aspx

    1. What would I be inputting for the principal reduction? I don’t know what that means?
    Although NACA does not require a down payment the same way a traditional mortgage does, you can buy down your interest rate with your own money, as well as gifts, grants and seller contributions. There are limits in how much interest you can buy down, so if you are at your lowest allowable interest rate, and still have money left over you can still put more money down. This would simply reduce the principal for how much you are taking out on the loan, not the interest rate in any way. For me, I will be able to buy down little if any interest, so I leave that field blank as I do not see myself ever having the funds to do that.

    2. In the interest rate spot it says undefined. So I would be inputting whatever the current interest is that day?
    It should have whatever the current interest rate in there automatically, but if it does not, then yes just put in whatever the current NACA interest rate is. Right now it is 3.50% for 30 year mortgages, and 2.875% for 15 years.

    3. The buy down rate is what I Want to achieve in order to reduce my payments. Do I input a percentage in that area or the points?
    On the online one there is a space for you to enter how much buy down funds you have, and it will automatically calculate a new interest rate for you.

    4.under closing cost the calculator says none. So there is nothing to input there because the buyer always takes care of that?
    The lender (Bank of America) pays all traditional closing costs. But you still have to have your minimum required funds that any other mortgage would have, such as taxes, homeowners insurance, earnest deposit, etc.

    5. Under down payment it says none but aren’t you technically putting money down. I know with the shock payments you have to save every month and maintain if there is a difference between what you are cleared for and what you actually want for a mortgage payment. Are we using that for the down payments or can we save additional monies to be used for that reason.
    You are not required a down payment beyond your Minimum Required Funds (MRF) which are usually in the range of $2,000-3,000 per $100,000 you are borrowing. The payment shock is strictly to prove to NACA that you can afford your new mortgage and isn’t something you have to pay to someone. You can always save additional money to be used for interest rate buydowns and principal reduction.

    in reply to: Clear to close timelines? #49248
    Peapod0609
    Member

    I am not sure as I am much earlier in the NACA process, but I have seen a few posters comment how Bank of America has a large back-load of mortgages to process that they are working hard to get through right now. It is possible that is part of the reason for the delay?

    in reply to: Preliminary NACA Questions.. #49229
    Peapod0609
    Member

    Echoing what southflorida said, there are knowledgeable people on the forums to ask questions to. Also, we have @TTrumble who works for NACA that can help answer questions.

    Sign up for an introductory workshop near you. It is mandatory during the NACA process, anyway. During this workshop, they go over the entire program and should be able to answer tons of questions that you may have.

    Go to the link below and type in your zipcode and you will be able to see when and where workshops in your area are being held:

    https://www.nacalynx.com/naca/workshop/workshopIntro.aspx

    in reply to: New NACA Grant Program #49173
    Peapod0609
    Member

    This is pretty good news, I think. I see that the area I wish to purchase in is included, which is Lake County, IL. My counselor at my intake appointment thought it wasn’t available in this county, I just sent him this info to confirm.


    @TTrumble
    , you mention two things that give me questions:

    1) “The grant is based on the application income even if that differs from their NACA Qualification income.” – What is the difference between how these two numbers are calculated? By application, do you mean bank application further down the NACA process?
    2) “When the median income figures are updated for 2019 later this year, those figures will then be used to determine eligibility.” – Does this mean all the MSA amounts can change later this year? When does this usually happen? I am trying to research it, and it seems around August or September those figures are released. Does this sound right to anyone else?

    in reply to: New NACA Grant Program #49061
    Peapod0609
    Member

    Anyone know if this is available in Illinois?

    @TTrumble
    , any updates on which areas this will be in? The homepage of the blog here still is not updated.

Viewing 15 posts - 421 through 435 (of 456 total)