mechtek133

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  • in reply to: What is the minimum age to qualify for NACA mortgage? #79830
    mechtek133
    Participant

    Nelsont, Your Knowledge and Opinion are a Great Asset to This Forum

    in reply to: Additional Person in Home NACA Application #79790
    mechtek133
    Participant

    Thank You both @kristijay & Nelsont, I assume that I am doing everything correct and I may only need a LOE for the extra $500 that I get from my room-mate for his rent\share utilities. I can do a LOE.

    in reply to: Additional Person in Home NACA Application #79777
    mechtek133
    Participant

    Thank You Nelsont, That’s what I am trying to do. I know what a tedious process NACA is and I don’t want something to jump out at me at last minute.
    I am in House Searching Phase, getting close to Credit Applying

    in reply to: Additional Person in Home NACA Application #79775
    mechtek133
    Participant

    Nelsont, What Do You Mean By, “Keep in mind banks approve single applicant co habitation as a head of household. This means they will attach his debt to yours on the basis of you are providing entirely for the household. The only legal way to change this is to include his income which means he will have to co apply and co own the house.”? Is Bank of America going to ask for his information when I apply for a mortgage with them ?
    The whole idea is for him not to be included into the loan. I am the only person that is signing for the loan and nobody is moving with me. Right now I have a room-mate because it is easier financially. Oh, and yea he pays me by check. I take a picture of it and deposit it with my phone app. Please explain to me what you mean by “single applicant as a head of household”. My room-mate shares with the expenses around here, but I am the account holder on everything.

    in reply to: Additional Person in Home NACA Application #79764
    mechtek133
    Participant

    Nelsont, this is the case. My room-mate pays me $500.00 a month for rent and everything included. My room-mate isn’t even on the lease. Everything is in my name Lease, Electric, Water, Cable . . . everything, He usually pays me with a check that is drawn on the same bank that I bank at and I can digitally deposit with my phone app. Is NACA going to request anythinng from my room-mate ? He is not going to be on the NACA mortgage.
    He pays me cash and everything here is in my name.

    in reply to: Qualification and Second Lender #79322
    mechtek133
    Participant

    Nelsont, Thank You for all of your help. I have zero debt making my DTI 0% right now and NACA only allowed my availability to be 31%
    making my DTI 31%. It’s just not enough. So I looked into a conventional loan at BOA and they are actually being very helpful. I am
    aware of the difference in the APR, but it allows me a larger affordability. I have asked my HC for a larger affordability and I was
    told that NACA would only allow about a third of my income as availability. I am on a fixed income so my affordability could bee more
    than a third of my income and I could still live comfortable. NACA is a great program and I truly believe in it, but it won’t help me.

    in reply to: Qualification and Second Lender #79320
    mechtek133
    Participant

    @Anjulwyngs, Thank You for the Information.

    BOA is offing to pay my 3% of 5% downpayment and all non accruing closing costs therefore bringing less cash to closing.
    The APR is almost 6%. It’s more availability than NACA is offering. NACA is only offering 31% of my income. Where some
    conventional loans offer up to 50%.

    I know that it’s only a pre-aprovial and NACA is a qualified letter.

    in reply to: Qualification and Second Lender #79318
    mechtek133
    Participant

    @Nwlsont:

    Question: Don’t you have to “apply for a loan” first (with any lender) in order to be “pre-approved/pre-qualified”?
    yes, you need to pre-qualify witha lender to get a loan with any other bank besides NACA.

    Does NACA frown upon getting “pre-approved” with other lenders while working with a NACA MC?
    I don’t know the answer to this, I have asked another bank for pre-qualification, but I haven’t said anything to NACA.

    My CU and Mortgage Broker both have seemingly competitive programs that I would like to explore while waiting to get NACA Qualified.
    I am looking into a loan and they are paying 3% of my downpayment and all non-recurring closing costs. So they also have competitive
    loans.

    in reply to: Qualification and Second Lender #79289
    mechtek133
    Participant

    Thank You Nelsont, but does that mean that if I have been qualified by NACA but I haven’t signed a contract on a home. That I can sign a contract with another mortgage company, to purchase a home ? The affordability is the issue, and another lender has offered down payment/closing cost assistance. I just want to check all the options that I have.
    Thank You for your assistance.

    in reply to: My NACA Timeline #79248
    mechtek133
    Participant

    Great, I made an offer but it was 2,900 below asking price.
    I am praying with the market the way it is. I will be lucky.

Viewing 10 posts - 1 through 10 (of 10 total)