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You are correct. The loan limits have not been adjusted for 2020. They are the same as 2019 still.
But from my understanding, you can borrow 110% of the max loan amount because if the repairs. (If I understood that right )
My ipad is outdated so it wont work right now, I’ll try it again laterMarch 18, 2020 at 6:39 pm in reply to: Any changes takeing effect within NACA due to the coronavirus outbreak? #66366
I havent seen anything either, Can someone point me in the direction of NACA info?
Can you share this app?
FYI, I was told loan limits have not changed by my NACA counselor (feb 27th). They are going by the 2019 limits still which are the ones listed on the website (414kish/725kish)
Thanks, I’ll try them tomorrow.January 22, 2020 at 1:10 pm in reply to: Cant find a tax return, is there an alternative doc we can use? #64935
thanksJanuary 18, 2020 at 12:24 pm in reply to: Cant find a tax return, is there an alternative doc we can use? #64830
No, I’m talking the 1040 tax return for 2017. We can’t find it, and think it might be in storage. I was wondering if there were other documents we can use it its place.January 18, 2020 at 1:34 am in reply to: Cant find a tax return, is there an alternative doc we can use? #64826
I dont see them on the IRS website.
I see tax return transcript, record of account, account trnscript and wage and income transcript. I dont see where I can get the turn
Okay, forget I said fixer upper.
Who (or when) is that determination made? I guess i’m looking for a guide of some sort that would clarify exactly when the 10% would or wouldnt qualify. Like a reference sheet, or general guidelines I can show to my agent for future reference.
Thank you for your answer! been driving me mad!
Have the Loan Limits changed for 2020? I’m looking at the loan limit website and the numbers are different than the NACA website. I tried to ask the question in the forum but its like its blocked or something.
It was told to me, that you’re giving a max amount, if the house cost more than that, you pay the difference (upfrontish). Is that not the case?
Well yea, thats the exact situation i’m running into. houses are livable, but from the stone age, this is why I was wondering the details on that 10%. Because these houses definitely need some work (and living in LA, im kinda forced into a house that no one else really wants, everythinge else has 14 bids before i even arrive).
thanks, ill probably ask more later, ill def have questions.
Maybe I misinterpreted everything.
My conversation with the people from NACA led me to believe that it would be a good idea to possibly look for a ‘fixer upper’, because they would include an extra 10% on top of the loan for the fixes.
that is to say, if I found a house for 5000, they would loan 5500, with the 500 going towards repairs. Maybe that is not the case, but I’m sure I didnt make this up in my head.
Thats why I was asking for the definition. Can anyone reference me to the website so I can get a proper understanding. It sounds like its not in my interest to find a fixer upper if thats not the case.