Intake appointment was a total disappointment!

Home Forums Purchase Program Intake appointment was a total disappointment!

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  • #48357
    Tara585
    Member

    I went to the workshop back in 2016. Didnt finally decide to look into getting a house until 2019. Sisnt have everything I needed but was told to make an appointment anyways and take what I could get. Intake appointment was first week of March. I had my w2, bank statments for the last three months, pay stubs and ID. Paid for the credit check and membership before i had my appointment. Went into the office and sat there while this guy had his back to me looking at the computer screen and asked for one pay stub. He processed to ask me how much I paid in rent and how much I thought my mortgage would be. I throw out a number. He then tells me I needed to save $900 a month. Im stunned. Where did he grt that number. He says my paystub. Im telling him there is no way i could save that much and that my pay stub is deceiving as I was starting a new position within the company and overtime was ending. Even with overtime I could not save that much on a good day. This is not listening to me and proceeds to had me a action plan which i had no idea what any of it means and when I asked him to explain it he gave me a look of annoyance. I left there lost and confused with no idea of what to do next. Im suppose to save $900 a month and a shake payment of $154 which I really didnt know was for. I left totally disappointed. I emailed him with questions that I never got answered and to find out why did I need to bring the items I was told to bring when he didnt even look at them. I sent the email March 4th. Still no reply. Btw.. i make less that $40,000 a year and I have at least 10 bills I pay month. Can I request a new counselor? I just dont know what to do.

    #48358
    kiag
    Member

    I would definitely request a new one. Also I believe your payment shock includes your rent. So if your rent is $800 a month you need to save $100. There is also a minimum amount of funds you need to save but it’s not an impossible amount.

    #48365
    ShanniC
    Member

    You should call Member Services for clarification on your action plan. There is not enough information to appropriately address this issue. Are you saving the $900 for your minimum required funds? Do you have any debt that need to be paid off that the $900 addresses? Payment shock is the difference between your current rent payment and your future mortgage payment. For example, if your current rent is $1000 and your target mortgage is $1250, you need to save $250 per month from now until closing. One way around payment shock is to target a mortgage payment equal to or less than your current rent.

    #48368
    Survivor
    Member

    @Tara585

    I feel you. I just updated my post about my experience.

    http://forums.naca.com/?topic=first-intake-tomorrow-but-worried

    I am kind of stuck myself now.

    #48370
    southflorida
    Member

    @Tara585 This can help you get a better understanding of the numbers on your specific case. Please let me know if you have any questions:

    Qualification and Affordability

    You can be approved for a monthly payment (including taxes, insurance and HOA) of up to 31% of your gross monthly income. However, this 31% combined with your minimum monthly payment obligations can’t be more than 40% of your gross monthly income. For example, if your monthly debt payments including car note, credit cards, student loans, etc are more than 9% of your gross monthly income, then you won’t be approved for the full 31% of your monthly income. For example, if your monthly debt payments (they only consider the minimum amount you have to pay) are 15% of your gross monthly income, the maximum you will get approved is 25% of your gross monthly income because both the mortgage payment (including taxes, insurance and HOA) and the monthly debt payments can’t be more than 40% of your monthly gross income.

    If you would like to be approved for 31% of your gross monthly income and your monthly debt payments are not more than 9% of your gross monthly income and your monthly rent is less than 31% of your gross monthly income, you need to save the difference between your rent payment and 31% of your monthly income for about 6 months, that’s called payment shock and you need to save your payment shock every single month, if you don’t save that amount 1 month, the clock starts again. Saving your payment shock is not only to put that amount on your savings account every month, they will add the balances of all your bank accounts and the total balance has to increase by at least your payment shock.

    #48560
    Tara585
    Member

    @southflorida thank you so much for explaining that to me. Im definitely lowering the amount i want to pay for a mo thly mortgage to equal to or less than what I pay in rent. In my area avg. Home prices are less that $200,000. So if i want to pay less than my rent i should not have a payment shock. Right? He told me I need to save $4600.00. Save $156.00 payment shock and improve being current on paying my bills each month which makes no sense. I have not missed a single payment in over 2 years. I also have to pay a collection off($120.00) for internet bill. That was all listed on my action plan.

    #48561
    Tara585
    Member

    @Kiag thanks for your reply. You guys have explained more to me than the counselor did in the hour I was with him.

    #48562
    Tara585
    Member

    @ShanniC. Im not sure I understand what you mean by the $900 addressing any debts that I may have. Maybe Im reading what your asking wrong.

    #48563
    Tara585
    Member

    I sent an email to member services regarding my issues. I havent gotten a reply ut its only been three days. I can be patient. Lol.

    #48564
    Survivor
    Member

    @tara585, I have sent emails to member services since March. At least several I have sent. I NEVER gotten a reply back. Nor from leaving messages when chat if offline.

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