TTrumble

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Viewing 15 posts - 16 through 30 (of 6,942 total)
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  • in reply to: Late payment through covid #75098
    TTrumble
    Member

    Hello argreene,

    As long as your can show the late payments were directly Covid-related and therefore beyond your control, you should be okay. your counselor and underwriter will have to make the final decision, but I suspect you don’t have anything to worry about.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    TTrumble
    Member

    Hello Lab1234,

    You just asked one of the most dangerous questions ever posed in this Forum: “If I don’t disclose this information during my NACA process, will this hurt us?”

    The answer is YES, but not because you had the short sales. Your file will be terminated and you will be banned from the program because you deliberately withheld the information.

    We might not come across the short sales during your qualification since they were so long ago, but Bank of America WILL find it once we have sent the loan application to them. Withholding that kind of information will raise red flags as to what else you may be hiding, and that will be the end of your file then and there even though the short sales would not have otherwise affected your file.

    Also, by that point, you will have found a house, put down a deposit with the sellers and signed a contract. Your deposit will be forfeited to the sellers and the contract terminated. All because you chose to hide information that would have had no effect on you otherwise.

    Short sales and foreclosures do not affect the NACA process as long as they are more than two years old. Deliberately withholding information that is potentially relevant to your situation however is completely unacceptable and can possibly even be interpreted as attempted mortgage fraud.

    If you read through the Forum, you will see I commonly use the phrase, “Better twenty pages too many than one too few”. Since the crash in 2007, you don’t hide anything when it comes to getting a mortgage.

    You need to be forthcoming about the past short sales. You will probably need to do nothing more than write a Letter of Explanation, and maybe provide documentation to support it just because it was more than one short sale. Start with your county’s Register of Deeds (at least that’s what they call it here) and track down the documents to show the short sales. It’s not going to be that difficult or take that long, so again, please stop trying to second-guess things. That’s what will make things more difficult for you. Just roll with the process and don’t be afraid to put in a little work.

    I apologize for the “lecture”, but it really is that serious. Don’t try to second-guess the process and definitely don’t hide anything. Keep it upfront and honest, put in the work that’s needed, and you’ll be fine.

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 5 months, 1 week ago by TTrumble.
    in reply to: PROPERTY TAXES ADJUSTMENT #75062
    TTrumble
    Member

    Hello mrstaylor,

    Well done! Bravo!

    Tim Trumble
    Online Operations, NACA

    in reply to: Can’t locate my mortgage counselor “HELP” #75033
    TTrumble
    Member

    Hello keshiakdw,

    For updates on your file and assistance in contacting your counselor, please call NACA Member Services at 425-602-6222. they are open Monday through Friday from 9:00 am to 6:00 pm Eastern Time.

    Tim Trumble
    Online Operations,NACA

    in reply to: What qualifies as “participation? #75029
    TTrumble
    Member

    Hello Bdavis1130,

    Email communications@anca.com and they will send you a list of ways you can receive participation credit for specific social media and other online activities.

    Tim Trumble
    Online Operations, NACA

    in reply to: Password error–Invalid password #74912
    TTrumble
    Member

    We had a few system issues last night and early this morning that prevented access. We were down on this end for a couple of hours this morning as well. All has been fixed now however and you should have no problem logging in.

    Tim Trumble
    Online Operations, NACA

    in reply to: Unusual Circumstance | Who is able to escalate? #74866
    TTrumble
    Member

    Hello Tia,

    This is really strange. The fact is the appraiser is an independent businessperson who is hired and paid by the bank. The appraiser has no connection to NACA whatsoever. Therefore, if the bank needs something, they can communicate with the appraiser directly.

    You’re actually trying too hard. Communicate with your counselor, who is always your primary point of contact. It is the counselor’s responsibility to advocate for you regarding any and all inaccuracies with the appraisal.

    Tim Trumble
    Online Operations, NACA

    TTrumble
    Member

    Hello emhacy,

    Your job situation is indeed different, but not in the respect you are hoping for.

    The issue that will arise here is that since you are self-employed and don’t appear to have a specific overwhelming need to relocate your business, this is going to be a move of personal choice rather than one required for your work. That will require establishing yourself in the new location before we will be able to qualify you.

    Traveling back to Florida on a frequent basis to shoot weddings isn’t in your favor either. Proximity to work is a factor NACA takes rather seriously when buying a home. If it’s more than about 90 minutes by car, we are going to have questions about the wisdom of the move.

    I hate to disappoint you, but the things that you anticipated making the process easier for you are actually going to have the opposite effect. My suggestion is to take a serious look at your Plan B.

    Tim Trumble
    Online Operations, NACA

    in reply to: Recently Graduated Student Employment Qualification? #74860
    TTrumble
    Member

    Hello gmarin,

    The foundational rule regarding employment is that you must have established a two year employment history with no gaps of 30 days or longer.

    The only exception is if you took a break from working to go back to school or improve your employability by some other means. The two year base employment history is still required though.

    Set your sights on July 2022. In the meantime, make sure you pay all your obligations on time each month and save every penny you can. then when the time rolls around, you will be in much better shape to become a homeowner.

    Tim Trumble
    Online Operations, NACA

    in reply to: co-signer on a car loan #74840
    TTrumble
    Member

    Hello hernandezcrystal,

    It is going to have the exact same impact as it would on your son. It will be counted in your debts, and you will have to go through the same steps at have a payment amount calculated and added in to your debts when calculating your affordability.

    Fortunately, we will use an income based repayment figure as we would do in any other case, so the impact on your affordability will be as small as possible.

    Tim Trumble
    Online Operations, NACA

    in reply to: Attorney Fees and Other Closing Costs #74838
    TTrumble
    Member

    Hello sunflower8,

    Please forward a copy of the document to which you refer to ttrumble@naca.com ASAP.

    Tim Trumble
    Online Operations, NACA

    in reply to: Leave of absence while in contract #74810
    TTrumble
    Member

    Hello Korentul,

    Based on your description of the situation, it won’t affect anything. Five days, especially for something to further her career, isn’t even worth mentioning.

    Tim Trumble
    Online Operations, NACA

    in reply to: Eligibility Questions #74809
    TTrumble
    Member

    Hello antaylor19,

    First and foremost, all your questions are in fact answered during the course of the workshop. That is its basic purpose, to teach you about NACA, its history and how the NACA Purchase Program works. You will also want to download that Qualification Workbook at and read it cover-to-cover.

    Make sure to obtain the letter Nelsont made reference to in his post. We are taking covid-related layoffs into consideration on a case-by-case basis. With that, your 24 months post-discharge of your bankruptcy should be fine.

    You’re actually overthinking it a bit with your statement, “by next year when I want to try to qualify, I won’t have a car note or credit cards, so I don’t know that I’ll have 24 months of on time payments”. Last time I checked, it was impossible to make a late payment on a debt you don’t have anymore! Plus we recognize certain other regular monthly obligations as “alternative credit” when necessary. Again, you’ll learn all about it in the workshop.

    Regarding rent, how much somebody pays in rent currently is more of a benchmark or guidepost than a rule for qualifying. It’s based on simple common sense that if someone is paying a certain amount of rent each month then they can obviously afford to mage a mortgage payment of that same amount.

    Since you do not have a rental history and are not currently paying rent, you will have to save what is called Payment Shock each month in an amount equal to that of your desired monthly mortgage payment to prove you can genuinely afford that amount.

    Long story short, take the workshop and read the book and you should have all the answers you need. You’re probably in better shape than you think.

    Tim Trumble
    Online Operations, NACA

    in reply to: Where to Upload Investment Assets? #74807
    TTrumble
    Member

    Hello Kali2297,

    Click on UPLOAD DOCUMENTS, then on FUNDS and then on OTHER FUNDS to upload those stateements.

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 5 months, 3 weeks ago by TTrumble.
    in reply to: WEB-FILE NOT ACCEPTING DOCJMENTS! #74773
    TTrumble
    Member

    Hello cnccarter,

    The format for emailing documents into your file is explained during the Homebuyers’ Workshop and is also detailed in your Qualification Workbook. As Blessed6 noted, the address to send documents to is emailXXXXXXX@nacalynx.com. The X’s denote your NACA ID Number. Therefore, if your NACA ID number were 1234567, the email address would be email1234567@nacalynx.com.

    All documents sent must be in the PDF format and sent as attachments to the email. Please make sure to not send more than about 10 to 12 pages in any one email to help insure that they get through to your file and to make them easier to review and place in the proper section of your file.

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 6 months ago by TTrumble.
Viewing 15 posts - 16 through 30 (of 6,942 total)