July 27, 2021 at 3:03 pm #76151aldoxideParticipant
Unfortunate situation. I completely sympathize. However as I understand it, once you know you are above the median income you wont qualify for anything above 99 percent. Im not sure why the MC allowed for this property to be considered. That said, I think NACA should consider removing limits for non priority income members. We are getting ‘market’ rates anyway. Only benefits are basically no downpaymet (double edged sword), no points and no closing costs.July 28, 2021 at 4:37 am #76156
@aldoxide Thank you so much for responding. We do understand how it works, but my MC says based on NEW guidelines we are now considered non priority. We were just qualified on 5/27/21 and our affordability form states that we are priority and lists the MSA in which we want to purchase. What I’m not understanding is how we became priority in two months, with no changes to our income? Our MC said BOA is calculating income differently now, but he couldn’t tell us how they were calculating our income as in he doesn’t know if they are using hubbys overtime and night shift differential. I have read many times on this forum that overtime won’t count unless it’s guaranteed doesn’t count and was even told by our HC during qualification the same information. I just want to know what these new guidelines are and where I can find them. Nobody seems to know what I’m talking about.July 28, 2021 at 4:48 am #76157
@sole8771 Thank you for responding. My MC has already said that he will reach out to regional since these guidelines are new and have caused problems for one of his other clients. I’m just trying to find information on how they are now calculating income, but I definitely don’t want to step on any toes. I’m trying to be patient but this is all so frustrating. Time is running out and we don’t want to lose our earnest money. I just thought folks on the forum might have heard something about these new guidelines as this is where I came for information, before I learned about the Naca fb groups.August 4, 2021 at 5:46 pm #76223
@RBJ619 were you able to find a solution to your issue? It is really frustrating to be in this position. Please keep me updated.
We just had our appointment with our MC today and found out that we are now no longer priority members, but are now considered non-priority members. Which is crazy. So that means our PSL that we generated 5 days ago before, just before we got a ratified P&S, has the wrong interest rate at 1.75% instead of 2.75% for non-priority members. This is a huge difference! Our affordability form also states that we are priority members, so it is truly upsetting and frustrating when this happens so far down the process.
I wish NACA would reverse this especially when the market is such a crazy hot market.August 4, 2021 at 7:20 pm #76226
I’m so sorry you’re going through this. It sucks that we started off as qualified on 5/27 and now in July we’re considered priority. They seriously dropped the ball on this one and WE shouldn’t have to pay for their mistakes! Did they provide you with an explanation? My MC couldn’t even explain how this happened. We live in Connecticut, where the taxes are EXTREMELY HIGH! we wanted to stay under $2k on our mortgage and now we can’t because the increase in interest rate, puts us over our piti. I Shared my issue in the Naca facebook groups and one of the Naca regional managers from the south reached out to my regions manager. He sent me an email this Monday 8/2, saying that an exception has been made, but it doesn’t detail whether that’s for both the location and the increased piti or one or the other. My MC, who is awesome by the way, had a family emergency and so that email I received also stated that we would be re-assigned temporarily, but it’s Wednesday and I still don’t know who is working our case and we’re still credit access denied since 7/26. At this point I’m just waiting for our file to move. I sent an email yesterday asking for clarification, but only the office manager and someone else were on the original email, even though it was from the regional manager (his signature line was on it), it had my naca lynx email as the sender. I have since found his email and will be reaching out to him tomorrow, as time is of the essence and HAND wants us to a re-test/re-inspection of a couple of things. I’m reluctant to spend even more money at this point.August 4, 2021 at 9:15 pm #76227
Oh my word @RBJ619 I would assume frustration doesn’t even describe how you must feel. I hope your closing day is not too near. I hope the exception in our case, states that you get to keep the lower interest rate to stay under $2k. It’s just not right to be this close to the end and NACA makes us pay for their errors!
We didn’t get an explanation from our MC. All she MC told us was that the rules changed in May and now we are non-priority members because of how much we earn. But that explanation didn’t answer any of our questions. We also wanted to keep our PITI to $1,900 and have been making offers that ensures that we stay at $1,900, but with the higher interest rate that we are now under we are over $21,00 PITI. In addition, we were so confident that our interest rate was the lower one because all PSL that we have generated showed the lower interest rate.
This to me is unacceptable, like you said NACA dropped the ball and they are making us pay for it.
I have also reached out to the NACA facebook group and I am hoping something can be done. We are not as far along as you are, we are the credit access stage. If I get any information about our situation I will update you.August 5, 2021 at 6:48 am #76231nalawo2624Participant
thanks for sharingAugust 16, 2021 at 1:56 pm #76318
@RBJ619 is there any update regarding your file?
I have emailed everyone at NACA concerning my issue and I have not heard back from them. I tried to share my issue on the Naca facebook group and the administrator rejected my post. My closing date is August 31st and at this point I don’t know if anyone at NACA will do anything about it. Such truly sucks!August 16, 2021 at 8:06 pm #76323
@LUWA Apologies, I forgot to give an update. Our sellers are having their own home built and needed an extension so we’re closing on 9/27 now, but previously that date was 8/30 and so we were told there was no time to re-qualify. We were given an exception by Benjamin Codjoe, the regional manager for the property because we were over both the median income for both the property and the msa. We were also given the exception to go over our piti because our debt to income ratio is very low. It’s not what we wanted, because we are over what we wanted to pay for a mortgage, but it won’t have significant impact on us fortunately. I’m so sorry you’re going through this friend. Try calling every day to see what can be done. Ask for the office manager and see if they can help you. Somebody somewhere should be able to do something for you. Search Latisha Geter in the Naca facebook unofficial group she is a regional manager in the south and shes always helping folks out. She escalated our file to Benjamin and he granted the exception, it took a little while because then our counselor got sick and he’s still out and so we have a temp counselor. Never stop reaching out to them. Be a polite pest, as T Trumbull would say.August 22, 2021 at 5:47 pm #76384irvingperezParticipant
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