NACA questions

[Anonymous]

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@cmony787 wrote:

Thanks!  We have 1 lender condition left during bank app underwriting and MC is pretty confident we will close on time (Sched next Fri).  Doing my best to not have closing craziness.

The scores they pulled are FICO Mortgage, I compared to scores from myFico Mortgage and they matched exactly to what NACA pulled.  

Good luck with the process, sounds like you are on top of it and things are going well.  Another piece of advice is after you are qualified, don't wait too long to find a home and sign a contract.  The closer you find a home to qualification date makes the next step "Credit Access" that much easier.

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Awesome! Looking forward to hear you having the key to your home!

I've completed many Action Plan put forth by my MC yesterday, and did the VOE and VOR which was faxed today. I've also faxed my bankruptcy papers but have not done LOE yet as I'm not sure what to write on it.

I have a question as I was trying to understand what MC is asking of us... We both have seperate banks, mine is USAA with 3 accounts (1 Regular Checking, 1 Bill Pay Checking (this is what I transfer upcoming bills such as rent, etc...and when it's ready to be paid, I move these back to my regular checking) and 1 Savings. This savings account is what hold our MRF and payment shock.

My wife has a CU, 1 checking, 1 other checking and 1 savings. My question is why is my MC asking to put at least 1 penny or more MORE than last month each month on ALL accounts (except my savings which must have at or at least $450 payment shock) in it. I am concerned because other accounts always up and down due to paying bills and other daily use. Hopefully explain in layman's term LOL.

Thanks!

[Anonymous]

Also, what did you have to pre-paid for closing? (amount for which)

[cmony787]

I also have multiple checking and savings accounts for myself and my wife ( 2 BOA - 2 PenFed - 2 NFCU - 1 USAA) that we have direct deposits going into.

What's important for Paymet Shock & MRF is that the total sum of all accounts at the end month is greater than previous month...(Growth being atleast Payment Shock Amount).  Because all those accounts have different statement dates, it makes it easier to reconcile if every account shows a postive increase or flat to previous month. Since most additional accounts are savings, you should be earning atleast a $.01 of interest each month and that may be why your MC told you that.

My recommendation is during the NACA process to minimize all your transactions. This really helps stick to your budget and gives the Underwriters less to look at and question. 

Pre-Paids for closing where:

Escrow - amount will vary based on whatever you agree to with seller ($1000)

Due Diligence - not all states have this and again amount will vary based on whatever you agree to with seller ($1500)

Home Inspection - NACA Approved Inspector and cost varies on size of house ($500)

WOD aka Termite Report - our Home Inspector did this as well ($55)

Radon Report - not all states have this  ($60)

Credit Report - you pay again for bank application ($14)

Now you will get credited back most of these amounts at closing.  We bought our intrest rate down 3 pts and that's where these credits are being applied.  

The escrow and Due diligence might seem high, but I did that to make our offer attractive to seller....and I knew we would be doing buy-down, which those amounts would get credited back to us.

[Anonymous]

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@cmony787 wrote:

I also have multiple checking and savings accounts for myself and my wife ( 2 BOA - 2 PenFed - 2 NFCU - 1 USAA) that we have direct deposits going into.

What's important for Paymet Shock & MRF is that the total sum of all accounts at the end month is greater than previous month...(Growth being atleast Payment Shock Amount).  Because all those accounts have different statement dates, it makes it easier to reconcile if every account shows a postive increase or flat to previous month. Since most additional accounts are savings, you should be earning atleast a $.01 of interest each month and that may be why your MC told you that.

My recommendation is during the NACA process to minimize all your transactions. This really helps stick to your budget and gives the Underwriters less to look at and question. 

Pre-Paids for closing where:

Escrow - amount will vary based on whatever you agree to with seller ($1000)

Due Diligence - not all states have this and again amount will vary based on whatever you agree to with seller ($1500)

Home Inspection - NACA Approved Inspector and cost varies on size of house ($500)

WOD aka Termite Report - our Home Inspector did this as well ($55)

Radon Report - not all states have this  ($60)

Credit Report - you pay again for bank application ($14)

Now you will get credited back most of these amounts at closing.  We bought our intrest rate down 3 pts and that's where these credits are being applied.  

The escrow and Due diligence might seem high, but I did that to make our offer attractive to seller....and I knew we would be doing buy-down, which those amounts would get credited back to us.

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If we put down for Escrow, say $1,000...does it mean we STILL have to maintain MRF of $7,000 and payment shock? or would this count?

We don't have Due Diligence here in California I think.

[cmony787]

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@Anonymous wrote:

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@cmony787 wrote:

I also have multiple checking and savings accounts for myself and my wife ( 2 BOA - 2 PenFed - 2 NFCU - 1 USAA) that we have direct deposits going into.

What's important for Paymet Shock & MRF is that the total sum of all accounts at the end month is greater than previous month...(Growth being atleast Payment Shock Amount).  Because all those accounts have different statement dates, it makes it easier to reconcile if every account shows a postive increase or flat to previous month. Since most additional accounts are savings, you should be earning atleast a $.01 of interest each month and that may be why your MC told you that.

My recommendation is during the NACA process to minimize all your transactions. This really helps stick to your budget and gives the Underwriters less to look at and question. 

Pre-Paids for closing where:

Escrow - amount will vary based on whatever you agree to with seller ($1000)

Due Diligence - not all states have this and again amount will vary based on whatever you agree to with seller ($1500)

Home Inspection - NACA Approved Inspector and cost varies on size of house ($500)

WOD aka Termite Report - our Home Inspector did this as well ($55)

Radon Report - not all states have this  ($60)

Credit Report - you pay again for bank application ($14)

Now you will get credited back most of these amounts at closing.  We bought our intrest rate down 3 pts and that's where these credits are being applied.  

The escrow and Due diligence might seem high, but I did that to make our offer attractive to seller....and I knew we would be doing buy-down, which those amounts would get credited back to us.

---

If we put down for Escrow, say $1,000...does it mean we STILL have to maintain MRF of $7,000 and payment shock? or would this count?

We don't have Due Diligence here in California I think.

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By the time you are putting down escrow, you will have essentially been NACA qualified and this would count towards your MRF.

[Anonymous]

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@cmony787 wrote:

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@Anonymous wrote:

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@cmony787 wrote:

I also have multiple checking and savings accounts for myself and my wife ( 2 BOA - 2 PenFed - 2 NFCU - 1 USAA) that we have direct deposits going into.

What's important for Paymet Shock & MRF is that the total sum of all accounts at the end month is greater than previous month...(Growth being atleast Payment Shock Amount).  Because all those accounts have different statement dates, it makes it easier to reconcile if every account shows a postive increase or flat to previous month. Since most additional accounts are savings, you should be earning atleast a $.01 of interest each month and that may be why your MC told you that.

My recommendation is during the NACA process to minimize all your transactions. This really helps stick to your budget and gives the Underwriters less to look at and question. 

Pre-Paids for closing where:

Escrow - amount will vary based on whatever you agree to with seller ($1000)

Due Diligence - not all states have this and again amount will vary based on whatever you agree to with seller ($1500)

Home Inspection - NACA Approved Inspector and cost varies on size of house ($500)

WOD aka Termite Report - our Home Inspector did this as well ($55)

Radon Report - not all states have this  ($60)

Credit Report - you pay again for bank application ($14)

Now you will get credited back most of these amounts at closing.  We bought our intrest rate down 3 pts and that's where these credits are being applied.  

The escrow and Due diligence might seem high, but I did that to make our offer attractive to seller....and I knew we would be doing buy-down, which those amounts would get credited back to us.

---

If we put down for Escrow, say $1,000...does it mean we STILL have to maintain MRF of $7,000 and payment shock? or would this count?

We don't have Due Diligence here in California I think.

---

By the time you are putting down escrow, you will have essentially been NACA qualified and this would count towards your MRF.

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Thank you! I also look forward to your closing this week!

Cheers!

CAMailman

[Anonymous]

Hi I was sent to the underwriter Sept 6 and haven't heard anything back yet. Do anybody know how long it takes to hear anything back

[cmony787]

Sent to underwriter for initial qualification, credit access, or bank application?

[Anonymous]

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@Anonymous wrote:
Hi I was sent to the underwriter Sept 6 and haven't heard anything back yet. Do anybody know how long it takes to hear anything back

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Hi Coolroni4u,

It took me about a week for the underwriting to approve with maximum monthly payment amount.

Do you have any complex issue(s) that might prolong underwriter's decision?

Cheers!

CAMailman

[cmony787]

Have you closed CAMailman? We have been in our house for almost 4 months now. It's such a great program for those that can stick with it.