October 3, 2019 at 12:43 am #60867Chris-JerseyMember
Scenario: I see a property and want to make an offer. I need to present something to the seller to show my approval amount. The first step, I submit the approval request form to the Mortgage Counselor (MC) with the documents.
1. Is there a timeframe that NACA says that the Mortgage Counselor will complete their review of the documents and get them back to me? If so, what is that timeframe? 24 hours? 48 hours? No timeframe?
2. Days go by. You haven’t heard back and cannot reach the MC to get the form. You can’t make an offer without this form. What do you suggest?
3. The book says that you can “proceed” with the seller while you wait for the form from the MC. What do I proceed with, especially if I am doing a buy down to increase my purchase amount so that I can even make the offer?
3. I have a remote counselor but want a local one that is in the same office as my NACA Realtor. Can I request the switch for convenience purposes?October 3, 2019 at 6:10 am #60870
When you specifically ask for the property specific letter your MC has 24 hours to draw it up.
You contact your local office and ask for one. Usually the office manager will be able to help.
Make the offer. The only reason it won’t work is if your own math is off.
Yes. But you are only allowed 1 switch it’s not advisable naca has to review and approve the switch and has the ability to deny it.
With that said the remote counselors are not certified loan officers and I was under the impression they can only take you so far in the process before you are required to come into the closet office.October 8, 2019 at 10:32 am #61005Tara585Member
I recently got a PSL for a home I want to make an offer on. First of all getting the letter was like pulling teeth. When I got the letter maybe I was expecting it to say more the the onky thing it had on it was the property my name, the property address, Selling price and current interest rate. The letter had the exact information of a letter I received at the purchade workshop.In the email I received the MC wrote, “its close but doable”. Am I missing something. When I checked the home information on the NACA calculator since the taxes here are high It wouldnt allow me to enter a higher tax rate and the amount that comes up doesnt allow you to increase to the actual tax amount so you never truly have a correct amount. My numbers would always be off. There would be no way for me to proceed without the MC help and its super easy to miss out on a home because the are not getting back with you. Btw…in my local office there is only 1 MC!!!!October 8, 2019 at 10:55 am #61007
Your PSL is a very bare document. It more just for record keeping so no, you are not missing anything.
Also the NACA calculator uses a unique algorithm to figure out the taxes and interest and is not the best way to figure out affordability. Go to Zillow or Redfin or literally any online real estate website. The listing page will give you the actual taxes for the 2019 year pulled directly from the county tax office and not just the percentage. The calculator on that website will also be accurate and give you the exact numbers your MC is looking at for feasibility.
October 8, 2019 at 11:01 am #61009
- This reply was modified 2 years, 7 months ago by Nelsont.
For what it’s worth the below website lists numbers that are significantly higher than the percentage so this might be where your issue is. For instance The total rate for Syracuse is 39.06 but this is NOT the percentage. This is the rate per $1000. That equals a 3.906%. That may be where your problems are with the NACA calculator and why you are getting different numbers than your MC.October 8, 2019 at 4:47 pm #61026southfloridaMember
The best thing to do to calculate the taxes is to check what was the tax amount last year for the specific property you are looking at, you future tax payment will be different after you purchase the house, but for qualification purposes, they will use the 2018 taxes, whatever that is… You can usually see that in websites like Zillow.Com or Realtor.com… If you want to be more accurate, you can check the property public records of your countyOctober 8, 2019 at 9:13 pm #61033
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