BostontoAtl

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  • in reply to: 2020 NACA changes? #79142
    BostontoAtl
    Participant

    That’s the thing, no one was aware of this….I’m scheduled to close on 4/28 and my file is currently undergoing a COC so we will see what happens.

    in reply to: 2020 NACA changes? #79138
    BostontoAtl
    Participant

    The issue is a manager at NACA is saying 1% of a buydown has been reduced to 0125. I do not see that information listed anywhere on the website

    in reply to: 2020 NACA changes? #79127
    BostontoAtl
    Participant

    Term & Interest Rate
    Below-Market Fixed Rates

    For low-to-moderate income people and communities:

    15-year term: 3.375% APR
    30-year term: 3.875% APR
    For higher income people:

    15-year term: 4.375% APR
    30-year term: 4.875% APR
    (APR subject to change and may not be available at lock-in or commitment)

    Buy Down
    Funds to Permanently Reduce Interest Rate
    One-and-a-half percent of mortgage amount reduces the interest rate by one quarter of a percent (.25%) for 30 year mortgages and one percent reduces by one quarter of a percent (.25%) for 15 year mortgages. This is a tremendous added benefit.

    in reply to: 2020 NACA changes? #79126
    BostontoAtl
    Participant

    This is straight from the NACA WORKSHOP

    Buy Down
    Funds to Permanently Reduce Interest Rate
    One-and-a-half percent of mortgage amount reduces the interest rate by one quarter of a percent (.25%) for 30 year mortgages and one percent reduces by one quarter of a percent (.25%) for 15 year mortgages. This is a tremendous added benefit.

    in reply to: 2020 NACA changes? #79122
    BostontoAtl
    Participant

    When did the buydown rate change from .025 to .0125 with a 1% buydown? @ttrumble

    • This reply was modified 5 months, 2 weeks ago by BostontoAtl.
    BostontoAtl
    Participant

    My MC was very responsive up until a NOT QUALIFIED with 3 conditions came back on June 30th 2021. 2 of the conditions have been satisfied by me. The 3rd NOBODY I have spoken to at NACA can decipher due to the horrible grammar and misspelling from the underwriter. I reached out to my MC on the same day via email and phone….no response. I sent 4 more emails as I know the 4th of July probably slowed things down. Called the office twice, they said they sent her an email and copied the regional manager Diego and still nothing. This could have BEEN handled and my file resubmitted days ago. Yet they say WE need to have patience. The system is broken and nobody working for NACA will admit it until they quit. Then it’s a **NACA tell all***. The systems are so outdated it’s ridiculous. It’s 2021, update the systems already. So now I wait until God knows when to get these conditions handled and resubmitted to underwriting. So sad.

Viewing 6 posts - 1 through 6 (of 6 total)