Kristijay

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Viewing 15 posts - 1 through 15 (of 113 total)
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  • in reply to: Change of Circumstance Form #80039
    Kristijay
    Participant

    @1goldenjewel Your builder is charging you separately for your driveway? Was that part of your structual options or something? Did they give you a plot plan? It would have showed exactly how long and wide your driveway, apron, amd walkway was supposed to be. Is this a small local or a bigger national builder? I have so many questions.

    in reply to: Change of Circumstance Form #80024
    Kristijay
    Participant

    Trust the process and your MC. My COC to correct my buydown amount was completed 3 weeks before I closed. I stressed my MC about for 3 months prior to that. They will initiate the COC for your interest closer to your actual close date when BOA and the title company are finalizing your closing disclosure. Don’t worry.

    in reply to: What is the minimum age to qualify for NACA mortgage? #79829
    Kristijay
    Participant

    @Nelsont It’s perfectly fine to be wrong, but as I have stated before, people look to you as the authority because of your involvement and interactions on this forum. If you are reporting something that you experienced, or heard, or your understanding/interpretation, then say THAT as opposed to saying something is against the law when you don’t know that to be true. Also, things have changed and do change frequently with NACA. Take a look at the new qualification book. It will help you to provide the responses that are relied upon by many people on this forum. No need to give up.

    in reply to: What is the minimum age to qualify for NACA mortgage? #79826
    Kristijay
    Participant

    @exclusive_mo Go here to verify your voter registration status. http://www.nass.org/can-I-vote. You shouldn’t needed a physical copy. Also go ahead and download the current qualification workbook on NACA.com. It will tell you what all is needed to prepare for the workshop.

    in reply to: What is the minimum age to qualify for NACA mortgage? #79825
    Kristijay
    Participant

    OMG. @Nelsont this is not a law! It is only a NACA requirement to be registered to vote.

    “A NACA eligibility requirement is for all borrowers and household members to be registered voters if they are legally eligible. The most effective way is through NACA’s website or your Web-file. NACA’s website checks to determine if one is on the voter rolls and then to provide access to register online or by paper ballot. NACA keeps updated voter rolls nationwide since many people have been purged from the voter rolls and need to register again. To be NACA Qualified every eligible person in their household must be identified as on the voter roll or registered through NACA.”

    in reply to: Additional Person in Home NACA Application #79789
    Kristijay
    Participant

    @Pure1. I’ll just say very broadly, that my line of work is in STEM.

    in reply to: Additional Person in Home NACA Application #79785
    Kristijay
    Participant

    There is no way in the world that a pre-approval shows up as an open loan when the purchase hasn’t been funded or that there is some law that requires household members DTI to be included in a borrowers affordability by the lending bank. They dont even use the terms “head of household” on your mortgage application. It’s either married, unmarried or separated. The fact that you have purchaed 3 homes doesn’t give more credence to this inaccurate information.

    in reply to: Additional Person in Home NACA Application #79783
    Kristijay
    Participant

    @Nelsont Are these the same 2 banks that told you that when you do preapporovals for mortgages that they will show up as open loans on your credit report and affect your DTI? If so, they are giving you bad information or maybe you are just misunderstanding.

    in reply to: Additional Person in Home NACA Application #79782
    Kristijay
    Participant

    @mechtek133. Your roommate will only have to be involved in the NACA process if he is going to be a household member in your future home. There is no legal requirement with any bank to provide his information unless you two are choosing to purchase a home together. NACA requires a credit report and income information for household members to verify that no debts held by household members will affect the borrowers affordablity and that no household member has ownership interest in any property. At present, all you will need to do is demonstrate affordability for your prospective mortgage payment and budget from your income alone. That means the entire rent will need to be paid by your income being that you are the only one on the lease. Otherwise, you will need payment shock for the difference between the portion that you pay and your expected mortgage payment. For NACA qualification, you will need to demonstrate affordability by budgeting all of your expenses, bills, and mortgage on your income alone. If you continue to accept the $500 from your roommate, you will need an LOE to explain the money and that money will be deducted from your balances as a non payroll deposit when calculating payment shock.

    in reply to: Additional Person in Home NACA Application #79780
    Kristijay
    Participant

    Nelsont this is nonsense and not even remotely accurate. Where are you getting this from?

    “Keep in mind banks approve single applicant co habitation as a head of household. This means they will attach his debt to yours on the basis of you are providing entirely for the household. The only legal way to change this is to include his income which means he will have to co apply and co own the house.”

    in reply to: Change of Circumstance Form #79751
    Kristijay
    Participant

    Ah…okay. It’s starting to make more sense now. Your income increased due to tax filling in 2019 and 2021, causing you to go from the priority rate of 1.75 to 2.75. Then somehow your initial loan application was withdrawn in error and a new one was generated in May of this year with the priority rate that day of 5%. If it’s just a matter of re-issuing the original loan application at the 2.75 interest rate then hopefully a COC will cover it. I can understand why they are waiting to do that until you are closer to close if that is the case. The 2021 self employment income is outside of my wheelhouse, but if you filled out an accurate and complete return you should be fine.

    in reply to: Change of Circumstance Form #79749
    Kristijay
    Participant

    I would stick with the unofficial group. They are more knowledgeable. Question: What home are you referring to that is on your tax returns? Did you have self employment income? I’m not following.

    in reply to: Change of Circumstance Form #79740
    Kristijay
    Participant

    @1goldenjewel And now that I’m thinking about it…there is no way that a new construction home that isn’t finished being built could have possibly depreciated due to business use even if that is a thing. Somebody is feeding you nonsense. Sounds like you weren’t submitted to the bank in a timely manner and when you finally were, the interest rate had gone up to 2.75. But it also sounds like your initial loan application was somehow withdrawn and they created a new loan application with your current income and the non priority rate from May 31. Sounds like a mess tbh. I hope you get it worked out.

    in reply to: Change of Circumstance Form #79739
    Kristijay
    Participant

    Your interest rate changed due to depreciation and business use of the home??? I willing to bet your interest rate wasn’t locked in at 1.75 at all and you were told that in error, so they had to come up with a reason that it changed to 2.75. I have never heard of such a thing causing your interest rate to change in all of my 3 years of experience with NACA. Did you not receive a loan commitment letter in Feb? When did you sign your bank docs? You should have received your loan commitment well before May 30. It sounds like someone may have dropped the ball somewhere. But if all that is required is a COC, they are likely going to hold off on that until closer to close. My main concern is why you didn’t have a loan commitment indicating that you were locked in at 2.75. I would join the unofficial Facebook NACA page and post your situation over there for more assistance.

    in reply to: Change of Circumstance Form #79735
    Kristijay
    Participant

    When did you get Credit Access Appproved? That is typically when your interest rate is locked. Your Loan Estimate will have a section at the top right that says “Rate Lock”. Is it checked “Yes” or “No”. It likely is checked “No”. Also, what was the time between you receiving the loan estimate and you signing the bank docs and receiving the loan commitment letter? The loan commitment will actually say that the rate is locked amd it will indicate that it is locked for 1 year from the date that your rate was locked. What date does it say?

Viewing 15 posts - 1 through 15 (of 113 total)