RBJ619

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Viewing 15 posts - 1 through 15 (of 20 total)
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  • RBJ619
    Participant

    @LUWA Apologies, I forgot to give an update. Our sellers are having their own home built and needed an extension so we’re closing on 9/27 now, but previously that date was 8/30 and so we were told there was no time to re-qualify. We were given an exception by Benjamin Codjoe, the regional manager for the property because we were over both the median income for both the property and the msa. We were also given the exception to go over our piti because our debt to income ratio is very low. It’s not what we wanted, because we are over what we wanted to pay for a mortgage, but it won’t have significant impact on us fortunately. I’m so sorry you’re going through this friend. Try calling every day to see what can be done. Ask for the office manager and see if they can help you. Somebody somewhere should be able to do something for you. Search Latisha Geter in the Naca facebook unofficial group she is a regional manager in the south and shes always helping folks out. She escalated our file to Benjamin and he granted the exception, it took a little while because then our counselor got sick and he’s still out and so we have a temp counselor. Never stop reaching out to them. Be a polite pest, as T Trumbull would say.

    RBJ619
    Participant

    I’m so sorry you’re going through this. It sucks that we started off as qualified on 5/27 and now in July we’re considered priority. They seriously dropped the ball on this one and WE shouldn’t have to pay for their mistakes! Did they provide you with an explanation? My MC couldn’t even explain how this happened. We live in Connecticut, where the taxes are EXTREMELY HIGH! we wanted to stay under $2k on our mortgage and now we can’t because the increase in interest rate, puts us over our piti. I Shared my issue in the Naca facebook groups and one of the Naca regional managers from the south reached out to my regions manager. He sent me an email this Monday 8/2, saying that an exception has been made, but it doesn’t detail whether that’s for both the location and the increased piti or one or the other. My MC, who is awesome by the way, had a family emergency and so that email I received also stated that we would be re-assigned temporarily, but it’s Wednesday and I still don’t know who is working our case and we’re still credit access denied since 7/26. At this point I’m just waiting for our file to move. I sent an email yesterday asking for clarification, but only the office manager and someone else were on the original email, even though it was from the regional manager (his signature line was on it), it had my naca lynx email as the sender. I have since found his email and will be reaching out to him tomorrow, as time is of the essence and HAND wants us to a re-test/re-inspection of a couple of things. I’m reluctant to spend even more money at this point.

    RBJ619
    Participant

    @sole8771 Thank you for responding. My MC has already said that he will reach out to regional since these guidelines are new and have caused problems for one of his other clients. I’m just trying to find information on how they are now calculating income, but I definitely don’t want to step on any toes. I’m trying to be patient but this is all so frustrating. Time is running out and we don’t want to lose our earnest money. I just thought folks on the forum might have heard something about these new guidelines as this is where I came for information, before I learned about the Naca fb groups.

    RBJ619
    Participant

    @aldoxide Thank you so much for responding. We do understand how it works, but my MC says based on NEW guidelines we are now considered non priority. We were just qualified on 5/27/21 and our affordability form states that we are priority and lists the MSA in which we want to purchase. What I’m not understanding is how we became priority in two months, with no changes to our income? Our MC said BOA is calculating income differently now, but he couldn’t tell us how they were calculating our income as in he doesn’t know if they are using hubbys overtime and night shift differential. I have read many times on this forum that overtime won’t count unless it’s guaranteed doesn’t count and was even told by our HC during qualification the same information. I just want to know what these new guidelines are and where I can find them. Nobody seems to know what I’m talking about.

    RBJ619
    Participant

    Starting this off by saying that my MC says he will try and appeal our situation.

    We were denied in credit access and it states that we are at 111% of the median income for a property. My Mc states that this is because income is now being calculated differently. He told me they are now averaging last years w2 with ytd gross income from most recent paystub. We were qualified on May 27, and he says the change was made in early may, but it shows that our income had been calculated the “old” way. My hubby has had no increase of income, only more overtime, which we were told wouldn’t count because it isn’t guaranteed.

    Our Mc approved our psl request form and sent us a psl on 7/17, we went under contract on on 7/21 and he submitted us to credit access on 7/24 and we had inspections done the same day. Now on Monday 7/26 we were denied credit access with the above condition stating that we don’t qualify for the property. The full language is: members do not qualify for this property, member income is 111% of the median income and property is 117%. We’re just wondering how they got to this number. My MC says he doesn’t know if hubbys overtime and shift differential is being calculated, which I suspect they are. He said he ran into an issue like this with another member and there was an exception made because it was all still new. He also told me there is a national call happening @ 11am tomorrow to discuss these new guidelines. I tried calling the mortgage department to understand what exactly they are calculating but she refused to talk to me, stating that my MC is my point of contact even though I lead the conversation with the fact that he said he didn’t have an answer.

    If your MC doesn’t know, who do I reach out to? it’s so unfair to have been qualified, approved for a property with the PSL and the to have it snatched away! Not to mention we just spent $2k in inspection costs just 3 days ago. @ttrumble or @nelsont are either or both of you able to provide any insight to what’s goin on here, what the new guidelines are and who I can reach out to since my MC doesn’t have the answer? Can you share with me the likely outcome that we would have a successful appeal?

    RBJ619
    Participant

    Greetings @aldoxide,

    Can you share where you found the new terms?

    Thanks!

    in reply to: Attorney Fees and Other Closing Costs #75047
    RBJ619
    Participant

    Greetings @mariaavacado and @elherdz,

    May I ask how long you guys have been in the program/process and what states you both are in? I had my first intake earlier this month, so I have a long ways to go. I’ve enjoyed reading your posts and I’m just trying to get a general sense of how long it might take for me.

    Thanks and congrats to you both!!

    in reply to: LOE #75009
    RBJ619
    Participant

    Greetings @nelsont or @TTrumble,

    I’m writing the LOE’s for my medical debt and on my action plan it says to include the account numbers. The only things is, they all show up differently across the three credit bureaus when I pulled through annual credit report.com. Even when I go to my accounts through credit karma and Experian’s credit lock service, the numbers show up differently there as well. Basically none of them are coming up the same. I have been asking my MC these questions but he’s on vacay. Any suggestions on this?

    Thank you so much for your help guys, you are both such a wealth of knowledge and I appreciate all of your responses.

    in reply to: We Split Rent Payments #74976
    RBJ619
    Participant

    Greetings @Ttrumble,

    My husband and I are in similar circumstances in which we share the rent. We have two checking accounts and one savings, with the exception that all three accounts are joint accounts, as in both of our names are on the accounts, but we each use one of the checking accounts and share the savings.

    For example the only bills we split are for rent and car insurance. Lets say the account I use ends in 3456 and the one he uses ends in 6543. I transfer half the rent to him and he transfers half the car insurance to me. This is the exact wording on our statements:

    eTransfer Debit, online Xfer
    Transfer to CK xxxxxx6543, where the x’s are the rest of the account number.

    It shows the same for the account receiving the transfer. Will we have to write LOE’s for every transfer like this? can I write one LOE and state that it happens every month or is ongoing? We also both have scheduled automatic transfers every pay day (bi-weekly) from both checking accounts to the savings account. The wording for those are a little different, it says:

    Debit Transfer, DDA Trnsfr
    Transfer to Savings Account xxxxxx1234, where the x’s are the rest of the account number.

    Is this enough explanation and clear enough for the bank or will LOE’s need to be written for these as well. What is the amount threshold that requires an LOE in terms of transfers between accounts.

    Thanks so much!

    RBJ619
    Participant

    Greetings @TTrumble,

    Can you explain the reasoning behind this decision? My husband and I are both in deferment due to the pandemic, but payments will restart in October and we are both on REPAYE plans that we have been on for a while. Does this mean we will have to sign up for new loan repayment plans? I would just like to understand why NACA would make such a drastic decision, as the REPAYE plan is one of the most affordable Income Driven student loan repayment options. It uses 10% of your discretionary income as opposed to 15% under the Income Based repayment plan and 20% under the Income Contingent repayment plan? We would not qualify for the PAYE plan as that is strictly for new borrowers. I really hope this won’t be a set back for us on our homebuying journey.

    Thanks for any insight you can give us.

    in reply to: Secondary Employment Question #74945
    RBJ619
    Participant

    Thanks so much for your response @nelsont!

    I forgot to add one more thing. Should I also exclude my husbands overtime and shift differential in the budget calculation for income? He has worked for the Post office for 5 years, same night shift for the entire time. Employment has not been verified yet, but I just passed along the info for the work number on his end. He has worked overtime his entire career there. While overtime is guaranteed for full time postal workers, there is no set “amount of time” they will receive.

    thanks again!

    in reply to: Secondary Employment Question #74940
    RBJ619
    Participant

    Greetings @ttrumble and/or @nelsont,

    I was told on Wednesday that my second jobs income wouldn’t be counted because I haven’t been there long enough. The first budget I submitted, included that income. My action plan says to submit another budget and continue to do so, so my question is, do I now omit that income on the budget sheets I submit going forward? If I am in the qualification stage by my second jobs anniversary date of Sept 28, which I hope I will be in my new home by then, I will have reached the appropriate time frame. How does that work?

    Thanks so much,

    in reply to: Copy of credit report #74933
    RBJ619
    Participant

    @bunchesofoats,
    Thanks so much and good luck on your journey as well! Love the screen name, btw! 🙂

    • This reply was modified 5 months, 2 weeks ago by RBJ619.
    in reply to: Copy of credit report #74929
    RBJ619
    Participant

    That must be it @bunchesofoats. I just had my first intake session yesterday. That’s probably why I can’t see it, because I’m still in the qualification phase.

    in reply to: Copy of credit report #74925
    RBJ619
    Participant

    Hi @TTrumble,

    Bumping this thread to inquire about the same thing. I did a pull back in February, using my annual credit report.com and what the intake counselor went over with us at our first meeting yesterday is a little different. There are some charge off discrepancies. Are consumers able to pull the Tri-merge reports?

Viewing 15 posts - 1 through 15 (of 20 total)