Finally Qualified

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  • #39775

    After being on the program for a year and 1 month I am finally Qualified. This has been so stressfull just to get Qualified but I’m glad I’m sticking in there. I have my Purchase Workshop next Thursday.

    I just have a question. In regards to the amount you are approved for do they tell u the monthly amount or the total mortgage amount you are approved for at the purchase workshop? For example: If I’m approved for like $150,000 does it matter how much my mortgage is monthly or would they say your mortgage have to be around this certain amount $$ no matter the cost of the home? My counselor gave me a certain amount that I was qualified monthly and I’m just hoping the cost of the house is not the amount I’m thinking it will have to be. I hope this makes sense.

    If total cost of the house is the low amount I think it will be, would u all suggest I just hold off agreeing to that amount or should I still try to find a home pray I find one? I was thinking push come to shove during the 90 days I can try to get qualified for a higher amount if that’s even possible. Not really sure why I didn’t get approve for the amount I requested because I had my payment shock every month but was only approve for the amount I’m paying in rent now.

    #39782
    TTrumble
    Member

    Hello Patientlywaitingonahome,

    In the NACA program, your affordable monthly payment determines your maximum affordable mortgage amount.

    After we have determined how much you can genuinely afford for a mortgage payment, we then factor in how much of that payment will go to taxes and insurance. The remaining amount is how much is principal and interest, and that determines the total mortgage amount based on the current interest rate.

    Your qualification is for your affordable monthly payment, which is then used to determine your maximum mortgage amount. That amount will be in the qualification letter you will receive at the workshop.

    If you need to qualify for a higher mortgage amount, work with your counselor on resolving the issue that resulted in your only being qualified for a payment equal to yoru present rent.

    BTW, my apologies on not having gotten back with you yet regarding your previous question. I’ve been playing a mad game of phone tag with the resource I needed over the past few days!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #39783
    twan203
    Member

    @ttrumble i’m in the same situation but the difference is i got qualified for what i asked for but now with the interest rate and the price of the house went up we would need to qualify for more. My wife told me not to ask for more because they may take away what we have qualified for now is that even possible? also if i know the amount i need to get the house i want is still lower than 28% of my income should it be a problem? i just dont want to go through everything all over again just for a few more bucks. please help me on what i should do

    #39785
    TTrumble
    Member

    Hello twan203,

    Not to be a smart-aleck here, but the first thing you need to do is have your wife read the Home Buyer’s Workbook. The idea that “they may take away what we have qualified for now” just doesn’t even make sense. I’m afraid she’s imagining something that has no basis in fact.

    If the amount you have been approved for is that small a percentage of your gross income (under 31%), then you are welcome to ask for a higher approval amount. However, you need to remember that there are other factors that can affect your qualified payment amount. For example, have you been saving enough in Payment Shock to qualify for the larger payment you will be requesting? If not, that will mean a three-month setback. What is your total debt-to-income ratio including the proposed mortgage payment? The total may not come to more than 40% of your gross income.

    In other words, go ahead and request the higher amount, but be prepared to deal with a limiting factor other than just your requested housing-to-income ratio.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #39787
    twan203
    Member

    @ttrumble my wife worries a bit for nothing! the thing about my income i do not know how they calculate it because i work so much overtime and they did count it because i have been on overtime for 3+ years. IF you could take a look at my file and see what you think about me asking for more i already emailed you this morning asking about the problem so you can use that address to check my file when you have time and get back to me via email.

    Thanks

    #39804

    Hello TTrumble,

    Thank you for the information. I’m going to see if I can find something nice in the price range I’m qualified for but I’m not happy with what is available I’m going to definitely follow your advice and work with my counselor to try and get a higher amount.

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