Peapod0609

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Viewing 15 posts - 436 through 450 (of 456 total)
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  • in reply to: MSA and income questions #49048
    Peapod0609
    Member

    Hello Pratik,

    Yes, I understand all of that. I am just wondering which criteria NACA uses to determine that income. Because if you go strictly off of my gross income on our paychecks, we are the tiniest bit over the 80% limit of the MSA for this new BOA grant.

    But if you go by, say, adjusted gross taxable income (which is what is on our W2), we would be comfortably under.

    I am just trying to figure out how that all works.

    in reply to: New NACA Grant Program #49000
    Peapod0609
    Member

    I see. Well, I saw the county I am looking to buy in so that is maybe a good sign? Lol

    in reply to: New NACA Grant Program #48997
    Peapod0609
    Member

    That is good news, NewYorkSpirit. How exactly do you use the geomap though to determine if the area would qualify for this 1% of?

    in reply to: New NACA Grant Program #48988
    Peapod0609
    Member

    Godswill2018,

    I thought someone posted something about a waiting list, so you might want to ask whoever you’re working with at NACA to see if you would still be eligible.
    Also, the main page was never updated with the details and list of areas you could do this. I would be very interested in that information!

    • This reply was modified 3 years, 2 months ago by Peapod0609.
    in reply to: New NACA Grant Program #48957
    Peapod0609
    Member

    Thanks Tim, that is great news!

    My question is then, when figuring your gross income is it your total gross income or is it your total gross TAXABLE income?

    For example, say my gross paycheck is $800 a week and $125 a week is taking out pre-tax for health insurance, FSA’s, and other things. In that scenario is your gross income $800 a week, or $675 a week? I believe on my W2, the lower amount is what I am taxed on for gross income purposes and is referred to as adjusted gross income or something like that.

    If it’s the higher one, that is interesting, because I am right on the borderline for an area I want to purchase in. I hope the grant is available in my area, I live a little Northwest of Chicago.

    • 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: New NACA Grant Program #48937
    Peapod0609
    Member

    @TTrumble, have you been able to hear more about this and break it down for us with additional details?

    in reply to: New NACA Grant Program #48891
    Peapod0609
    Member

    It appears that Tricey718 also heard the same information.

    Would be great to get confirmation on this, with more details!

    in reply to: New NACA Grant Program #48875
    Peapod0609
    Member

    Wow, if this is true this could be a game changer for me!

    I would like to hear more, hoping @ttrumble can shed some more light on this.

    Peapod0609
    Member

    They do look at both. I believe for your new income to be taken into consideration you should be good if that happened in January. This is from Tim Trumble on a post from September:

    “If possible, obtain a letter from your employer stating the salary increase (or whatever written notice you received of the raise). Submit that and 30 days of pay-stubs and you should be able to re-qualify based on the new income figure.”

    in reply to: Qualified amount less than rent!! #48754
    Peapod0609
    Member

    Suzy320, it is pretty simple. A lower interest rate = a lower monthly mortgage payment. So if you can buy down the interest rate on a home that is outside your normal price range, it could lower the mortgage amount into your price range. So that is how buying down the interest rate can get you more house!

    in reply to: First Intake Tomorrow but Worried #48753
    Peapod0609
    Member

    Well I am sorry, but that is kind of bizarre. I have always signed my name the exact same way my whole life. It should not be that difficult to pick one just for NACA if they request it be that way.
    If you are signing a bunch of legal documents for a single company and you keep switching back and forth, that could be a potential issue.
    Again, most of these are not exactly difficult asks, pretty standard stuff in my opinion.

    in reply to: First Intake Tomorrow but Worried #48741
    Peapod0609
    Member

    I am going to agree with BakerTheBaker here. It might not be your fault, but if you can’t meet the requirements, then the program may not be for you. NACA is known to be a lengthy process where they pore over every little detail. You mention that you don’t conform to some societal norms, that is fine, but sometimes that is a requirement for stuff like this.

    Although some of the things you are talking about are requirements for literally any sort of loan, they aren’t even NACA requirements. If you have a problem with putting your full legal name on a contract or proving you live where you say you do, these are not difficult asks. You are going to have problems getting a loan from ANYONE. Those are just facts.

    in reply to: First Intake Tomorrow but Worried #48734
    Peapod0609
    Member

    Survivor, a few things:

    You mention,”I pay almost 900 in rent as it is. Why not let me have a home that is 900 in monthly mortgage, not 1300??”

    You CAN do that! If you are paying rent you are automatically approved for whatever your rent is, to my knowledge. You do NOT have to save up any payment shock if you just want to keep paying that amount for a mortgage. I do not understand where $1300 came from. Unless houses for $900 a month are not feasible in your area, maybe the counselor misquoted something or you misunderstood them. As long as you can actually get a house for whatever you are paying in rent you can do that! Are you sure the $400 a month isn’t for the MRF (Minimum Required Funds)? You still have to save up for things like property taxes, insurance, inspections, HOA fees (if any), etc. Even though there are no additional closing costs with NACA, there is still a few additional costs that you get like any other mortgage.

    Also about the rent thing, is $60 a month extra going to cripple you THAT badly? It is unfortunate that the rental verification caused that to happen, but it sounds like others have said, you really are trying to make this not work. Some of the things you are complaining about are very standard things you will get with any mortgage or any loan for that matter. When you enter into a legally binding agreement, especially one where you will be lent tens or even hundreds of thousands of dollars, YES they are going to look into your finances. That’s just how it is.

    Everyone else has to go through all of these same verification and requirements.

    in reply to: Buy down points #48193
    Peapod0609
    Member
    in reply to: Anticipated Qualification Date #48143
    Peapod0609
    Member

    Tim,

    That is interesting, and if true that is not good. I will send you an email going into more detail about my personal situation.

Viewing 15 posts - 436 through 450 (of 456 total)