April 26, 2021 at 4:21 pm #75233sparkledgpMemberApril 29, 2021 at 10:03 pm #75263Homebuyer2021Participant
I am still a bit confused. Does this mean the rate will 2.1? Currently NACA listed the interest rate as 2.625. However, I did a quick search and it came back as today’s interest rates increased to 3.0. So, does that means NACA interest rates will be 2.0?April 29, 2021 at 10:22 pm #75264NelsontMember
The rate listed was simply an example based on the current rate of the time. Nothing more.
The rate changes daily. What you need to know is all members automatically get offered the rate that appears on the naca website when they reach a certain point in the process. Non priority members buying in certain areas will get a rate that is slightly higher. The slightly higher rate is still on par with and often lower than what a 760+ credit score can get anywhere else.April 30, 2021 at 1:07 am #75269LukesCaged75Participant
Anyone heard if we’re getting bumped up to the 2021 FHFA Limits?May 1, 2021 at 12:28 pm #75284
The new policy is effective on Monday and NACA hasn’t updated the website. I think it is important to have a detailed explanation of the new process before it officially takes place. There is still confusion on how the new rules affects non-priority members.May 1, 2021 at 1:38 pm #75286
I think it’s equally important to understand that updated workbooks, documentation, and additional communications will be forthcoming once the actual date gets here. And none of us can really assume that said documentation and communications aren’t already set to go live once the new rules are in place. At this point in the juncture, we really have no choice but to wait and see. That’s literally all that we can do or find another organization to use to complete our transactions with from a home buying perspective. We might not like it, but what’s done is done already.May 1, 2021 at 7:34 pm #75291
I totally agree @sole8771 . You would assume that NACA would place the new documents on the website to prepare those that are looking for homes and can’t close by May 3rd. All we have is the email to decipher. I love NACA and everything has done for people across this country, but more correspondence about these major changes should have been communicated.
I hope the website is updated on Monday to provide more clarity.May 2, 2021 at 9:49 am #75294iletutuParticipant
Members who got into the program at a certain point should be grandfathered into the existing rules, if anything, and members joining after the rules change should be subject to the new rules. really feels like a bit of a bait and switch. of course, interest rates are subject to change without notice, but changing the full terms of the program for some of us who are at the finish line feels really unfair and dishonest.May 2, 2021 at 11:25 am #75295
I don’t think they intend for any of it to feel like a bait and switch tactic. Is this policy change being rolled out in a less than desirable way? Absolutely. Is it disappointing to have to see an email communication that was shared to just a small few and then be left to interpret what it all means? Yes indeed. Is it upsetting to know that even employees are confused about how to interpret that communication? Yes….Yes to pretty much all of it. But again…What’s done is done. I think about when I first found out about NACA and I attended the HBW back in 2019. At that time, some changes had newly been implemented and more with regard to Citibank and BofA. There were changes with regard to fees, etc. Recently, there was discussion about the membership dues being increased, etc. This program has been in existence since the 80s. I imagine contractual negotiations that brought about substantial changes have happened time and time again. Those who were in the middle of the process felt strongly about those changes, and then those who just were getting started probably weren’t even privy to the fact that those changes are new. I’ll be glad when the new books are out, slideshows and the website are updated, and enough people close to where we can get some data and feedback about things from beginning to end. Right now, all any of us are doing based on that email are speculating and allowing that to influence feelings.May 6, 2021 at 8:48 am #75344
@ttrumble or anyone… Has there been any official information on the new rules for non-priority members? There seems to be confusion still and I tried to call this week but I was on hold for a very long time. There isn’t much explanation on the NACA website other than the daily rate and the higher rate for non-priority.
None of the purchase documents on the website haven’t been updated with the new information. Also, information went from Housing search to back the the beginning for some reason.June 23, 2021 at 4:55 pm #75826mm97350Participant
As a non priority member can i now search in any area with the new rulesJune 23, 2021 at 5:01 pm #75827
Good day. You are still limited to purchasing in areas which do not go above 100% as a non priority member. That rule is unchanged. What has changed is the following:
1) As a Non Priority member, if you want to get the priority member rate, you would need to purchase in an area that is lower than 80%.
2) If you decide to purchase in an area that is between 81% and 100%, you will get the Non Priority member rate.June 23, 2021 at 5:10 pm #75828
In the Purchase Resources section of the website, the homebuyer workshop powerpoint presentation v21.1 beginning on slide 15 explains what I have just stated. The new qualification workbook does not appear to be present just yet though.July 27, 2021 at 2:39 pm #76149RBJ619Participant
Starting this off by saying that my MC says he will try and appeal our situation.
We were denied in credit access and it states that we are at 111% of the median income for a property. My Mc states that this is because income is now being calculated differently. He told me they are now averaging last years w2 with ytd gross income from most recent paystub. We were qualified on May 27, and he says the change was made in early may, but it shows that our income had been calculated the “old” way. My hubby has had no increase of income, only more overtime, which we were told wouldn’t count because it isn’t guaranteed.
Our Mc approved our psl request form and sent us a psl on 7/17, we went under contract on on 7/21 and he submitted us to credit access on 7/24 and we had inspections done the same day. Now on Monday 7/26 we were denied credit access with the above condition stating that we don’t qualify for the property. The full language is: members do not qualify for this property, member income is 111% of the median income and property is 117%. We’re just wondering how they got to this number. My MC says he doesn’t know if hubbys overtime and shift differential is being calculated, which I suspect they are. He said he ran into an issue like this with another member and there was an exception made because it was all still new. He also told me there is a national call happening @ 11am tomorrow to discuss these new guidelines. I tried calling the mortgage department to understand what exactly they are calculating but she refused to talk to me, stating that my MC is my point of contact even though I lead the conversation with the fact that he said he didn’t have an answer.
If your MC doesn’t know, who do I reach out to? it’s so unfair to have been qualified, approved for a property with the PSL and the to have it snatched away! Not to mention we just spent $2k in inspection costs just 3 days ago. @ttrumble or @nelsont are either or both of you able to provide any insight to what’s goin on here, what the new guidelines are and who I can reach out to since my MC doesn’t have the answer? Can you share with me the likely outcome that we would have a successful appeal?July 27, 2021 at 2:52 pm #76150
Your next step would be to communicate through the chain of command associated with who your counselor reports to. Express your concerns in a formal email and copy the Regional on the discussion to have additional dialogue. It sounds like there is a discussion which will take place which will provide a definitive decision about how to best advise members tomorrow, so they are aware that dialogue needs to take place. I’m very sorry that you are experiencing this. There’s also a complaint email that you can use and send your concerns to as well. It’s in the facebook group that you originally posted your concerns in.
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