HOUSEHOLD MEMBER QUESTION

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  • #77156
    veen
    Participant

    What happens if you were suppose to add a household member to your file & it was part of your action plan but now they no longer live with you ?

    #77157
    Nelsont
    Member

    It really depends. In most cases the household member refers to who will be living with you in the house that you buy. If this applies to you then your DTI will change and possibly your affordability as well.

    In some cases it can refer to your current household members if they help with bills. For instance if you relied on them to pay half the rent and they no longer do then your payment shock and possibly your affordability and DTI will change.

    Does this answer your question?

    #77158
    veen
    Participant

    I had a partner who was living with me but we are now separated. During my intake i was advised i needed to add him as a household member since he was helping with rent but for the past 2 months i have been paying everything on my own.

    #77160
    Nelsont
    Member

    Then everything will be based on 1 income and 1 set of debt. Before it was based on either 1 income and 2 sets of debt or 2 incomes and 2 sets of debt or even a 3rd including only half of your bills toward your debt and affordability. This will definitely change all of your numbers and needs to be addressed. See if you can set up a new appointment, let your MC know your total financial picture has changed.

    #77161
    veen
    Participant

    initially it was only based on my income, but since we were splitting rent prior he needed his information as a household member. thank you for your quick replies!

    #77176
    addishouse
    Participant

    i’m kind of in the same situation. we were qualified and not we’re going in a diffrent direction but we still live together(month to month) and share the checking account. i want to continue alone with NACA but i’m not sure what to do. we have an appointment with our MC in Decemeber and i email her our situation. i’ve also register for a homebuyer workshop for this saturday. i’m not sure if i should get a new NACA ID or continue with i already have with out my ex-partner.

    #77179
    Nelsont
    Member

    Start by removing your partner from your bank account and all other shared accounts. Otherwise they will forever be tied to your qualification.

    #77202
    TTrumble
    Member

    Hello addishouse,

    I’m afraid you are going to have a problem on your hands.

    First, you will not get a new NACA ID number regardless of the circumstances. However, since you are living at the same address, your are not going to be accepted as separated.

    Absolutely establish separate bank accounts in your name alone, but until you have separate addresses, proven by lease agreements and utility bills, you are both going to be on the file. Once you have separate residences, he can simply be changed to an ex-household member and you can continue forward on your own. You’re also looking at the clock resetting on 12 months proof of on-time rent, utilities, etc.

    This in short means you are going to have to re-start from day one in order to continue on your own.

    Tim Trumble
    Online Operations, NACA

    #80029
    vipbodyspa22
    Participant

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