[Faith81]

Ask your MC for a listing of inspectors in your area. They keep a list of NACA approved ones. That’s how I found my home inspector.

[Faith81]

With NACA the interest rate is decreased by a certain percentage for every one percent of the mortgage price you buy down.

[Faith81]

This doesn’t sound right to me but I could be wrong. When I decided to use an NACA attorney I received a letter informing me that they would be paid by NACA. In my opinion nobody should be asking for any money upfront anyway except for the good faith payment made on your offer to the seller.

[Faith81]

@Nelson Thank you so much!! I now completely understand it.

[Faith81]

@Nelsont Thank you. I think I am slowly getting it. I am doing the 30 year loan. Does NACA help with anything financially? I think thats the part that had me confused because MC mentioned something about if HOEPA was activated I would not be able to receive BOA grant but NACA would assist with most of the Buydown. I dont understand how HOEPA affect the process? MC told me if I buydown to .125 then HOEPA would be activated. I dont understand what that means.

So with the 5 points max allowed that means that I would only be able to buy down to 1.125 where BOA will give me .5% (2 points) and I will only be able to do .75% (3 points) reduction totaling 5 points (5% of the purchase price)?
Locked rate 2.375%
With BOA reduction of .5% = 1.875%
Member Buy down 3 points = .75%
Final Interest rate is = 1.125% (2.375% – .5% – .75%)

OR

Does that mean my interest rate would be .625% after I buydown to 1.25% (5 points) max and BOA will also automatically reduce my interest rate by .5% (2 points) totaling 7 points (7% of the purchase price)
Locked rate 2.375%
With BOA reduction of .5% = 1.875%
Member Buy down 5 points = 1.25%
Final Interest rate is = .625% (2.375% – .5% – 1.25%) This is what is on my loan estimate but I want to make sure these things are correct and I indeed could not buy down to .125% which I now understand from your response.

My question is what is the limit really 5 points or is it 7 points when including BOA reduction?

[Faith81]

Thank you @Nelsont 🙂

[Faith81]

@Nelsont thank you.

I would like to pick your brain for more knowledge:-)

Do you know how long I have to wait for them to consider my new income for an increase in the qualification amount? Would they accept a document from my HR Department since I am a salaried staff? Also my company actually moved from their previous location to a new location will this cause a problem for me? (The entire organization moved to a new office building)

I already paid down half my cards without touching my savings. I am going to use my savings to pay the rest off this week and write an LOE. I couldnt get my counselor to answer my questions regarding paying off my debt for the increase.

Thanks

[Faith81]

@TPeguese thank you for sharing that. I was trying to be patient because I know they have so many people to help. There are more of us then there are of them. It’s just that this market is not waiting for us. If I don’t hear back by Tuesday I will move forward with making the offers.

[Faith81]

I found it in the articles written by Tim. Unfortunately everytime I try to post the link it wont let me. Search MSA in the search bar of the forum.

• This reply was modified 1 year, 10 months ago by Faith81.
• This reply was modified 1 year, 10 months ago by Faith81.

[Faith81]

That’s awesome to know. Now maybe I might get something before my time run out 🙂 Thank you @Nelsont and @sneakerz4me.

[Faith81]

@Nelson NACA has a response time issue. I have come across some very nice people in NACA but honestly I have had my share of those who don’t really share the same goal as those who are dedicated to helping you achieve that dream. I, myself hope that when things ease up with this pandemic I can become some form of support in whatever way I can to assist others get to this dream and stay encouraged in the process. Like I said I have faith in the program.

I just came up with this today because I couldn’t get a response from anyone long before today so no that is not why they are not responding. I am very humble when I ask for help and I have not done anything. I was asking if I could use it. I am not tampering with the letter because there is absolutely nothing that populates on that letter besides the offer amount and the interest rate and the rest is general information. My issue is that I plan to buy down the interest rate so the interest rate that populates on there would not be what I would be using. I am using the NACA calculator to make sure that everything fits as I have been approved.

As for the NACA agent he wasn’t the first to contact me but they all said they came from NACA RED. All 3 failed for me and I read your previous posts about using a outside agent which is why I went that route. My outside agent says its sounds like a good program but doesn’t seem to have faith in the program because he said they have a major communication issue and this can cause problems if we aren’t able to get responses on important issues quickly (which I totally understand) He told me it might even be to good to be true but I know someone who actually completed the program and bought her house in another state so I know this is legit. I wont be going back for a NACA agent because your first impression is the most important impression and thus far what I got stuck to my mind. I have read some great stories about those who completed their purchase with the in house agent but those stories I am seeing are in other states (NC and ATL)

As for the PSL I dont know who else to turn to because I dont have a local office and when I am requesting these PSL I am including my counselor and her manager. I know they are busy but I am human and I just want someone to help me. 🙁

[Faith81]

@Nelson & @TTrumble,

If I use the NACA calculator and it fits my payment requirement and I am using the buy down process on the calculator but tweak the request letter to fit my payment requirement (by lowering the taxes) because I know it will work when they apply the buy down on my counselor’s end, can I use that letter and have the interest rate adjusted then?

For Example:
Sale Price/Offer Price $319,000
Actual Taxes on the house $6500
Taxes I put on the specific letter request $4000
Actual buy down will be $25,000
Insurance left at what is on there which is $50
Monthly payment $1700

I just desperately need these letters. I have less than 4 weeks to inform my property manager if I am renewing my lease.

Any advise or assistance I can get is greatly appreciated.

[Faith81]

@Martin I tried to get a NACA agent 3 times and failed. Most recently one contacted me and I was willing to switch because my current outside agent was frustrated that I had not been able to make an offer after 8 weeks of showings on any of homes after finding NINE homes I liked because there was always an issue or delay getting a letter because I am using the buy down. I have contacted this NACA Agent 5 times between texts and emails. The texts show he reads my messages and NEVER responds to me after my first conversation with him. I can take a hint. 🙁 I went back to my outside agent and told him I will get letters before he show me homes so he knows he isn’t wasting his time and still I cant get any letters. This is very embarrassing :-(.

What cases would those be? I just want to be sure I am doing everything the way NACA wants me to so I don’t mess up. I have faith in the process. Its just that when you are going thru it sometimes it can get to you. Thank you for the encouragement.

[Faith81]

I am so frustrated right now. Need some prayers. I am trying to be patient and I am only calling once a day and emailing once a day but now after all I have been thru and decided to just accept what they are giving me on my approved amount. Sent 7 property specific letters this week and got no response back. I know that they have a heavy workload but I somehow feel like my counselor and her manager hates me. As a result after losing one of my favorite homes I feel I wont even get these because it takes so long to get the property specific letter. I have to do the buy down in order to even qualify for these because taxes in NJ is high. Feeling very defeated. 🙁

[Faith81]

darn thanks Nelson

[Author]

Posts