ericleap

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  • in reply to: Is it possible to get qualified faster than 6 months? #76580
    ericleap
    Participant

    That’s weird. He said that if I have all the documentation, he would push my file. My intake is November 30th. Im hoping I can be qualified before 2022.

    in reply to: My account went in the negative. How will it affect me? #76252
    ericleap
    Participant

    Unfortunately, my account ended in the negative for the month of July. I tried talking to my MC, but haven’t heard anything. My action plan was originally to save payment shock for 3 months with no issues. Will this just cancel the month of July, or will I have to now do 6 months of payment shock?

    ericleap
    Participant

    I came across a video that NACA will be making major changes with their interest Buydown program. My intake isn’t until July, and I won’t be done paying of debt until the end of August.

    I was told that I should explore my options outside of NACA. The only issue is that I barely have any savings for a down payment due to paying off debt.

    Here is the video

    ericleap
    Participant

    How would my credit card/car debt apply with my 40k in student loans though? They’re on deference at the moment. The BOA guy wasn’t too clear about my DTI. My annual salary is under $53k

    ericleap
    Participant

    Got it. Just to get an idea of what I should do prior to my July intake appointment:

    -Using 31% of gross monthly income ($1400) to pay off credit card/car debt by August. I am not renting
    -Putting $200 of monthly surplus in savings
    -After August, the $1400 will go in savings as Payment Shock. Hopefully to achieve MRF
    -Hopefully find a grant to help with buying down interest

    Is it possible to become qualified before paying my debt off, and coming up with the roughly $6000? I hope to qualify for somewhere between $200k-$250k. Home prices in the Atlanta area have been increasing.

    • This reply was modified 4 months, 1 week ago by ericleap.
    • This reply was modified 4 months, 1 week ago by ericleap.
    ericleap
    Participant

    Sorry for the misunderstanding. BOA was the one who told me to save 10k to 15k. I’m not sure what NACA wants me to save. At the moment, 31 percent of my gross monthly income is going towards debt. I then put $200 towards savings. I’m curious to know how much NACA will require me to save. My biggest concern is not being able to purchase a home until years from now.

    in reply to: Credit card debt/ car loan & payment shock #75256
    ericleap
    Participant

    That would bring my payment shock a little over $1350 a month. It’s doable, but it will be very tough while I’m also making bigger than minimum payments on my credit card/car debt. I originally thought it would make more sense to pay of my debt, so I could be approved for more.

    Also, I’m very confused about the payment shock method. I thought throwing my payment shock in a savings account would be enough. I’m reading that doing that method isn’t what NACA is looking for.

    in reply to: Credit card debt/ car loan & payment shock #75251
    ericleap
    Participant

    Thanks. Do I need to have my family write letters now or after my intake?

    I would like to be approved for more if possible, but I don’t wait to wait too long either. My original plan was to continue making big payments towards my debt, until they start the payment shock at my intake in July. By that time, I’d only have a small amount of debt left, and could start the payment shock right away. Will they calculate the amount of my payment shock at intake?

    Also, how long does the process from first intake to being qualified usually take?

    • This reply was modified 4 months, 3 weeks ago by ericleap.
Viewing 8 posts - 1 through 8 (of 8 total)