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Hello Newbie2018,
Any grant money that you receive for interest reat buydown IS considered YOUR MONEY and would be combined with any funds you have saved and any gifts you may have received for the buydown process. Any of YOUR MONEY over seven points (7% of the loan amount) causes limits set by the Home Owners' Equity Protection Act (HOEPA) to kick in. Only those first seven points can be counted where buydown is concerned. However, if your household income is less than 100% of the median income for the metro in which you live, the bank will match the amount over seven points and use the matching funds to further buy down the interest rate while YOUR funds over seven points will go to reduce the principal of the loan.
Tim Trumble
Online Operations, NACA
Hello Newbie2018,
Employers and landlords can be a real pain in the backside where returning VOE and VOR forms are concerned. I see so many cases where they just bury it at the bottom of a stack or even disregard it completely, thinking it isn't anything of importance.
As such, bugging your counselor doesn't help nor is it even a good way to find out if the documents have been sent back. Instead, you should 1) be a polite pest with the landlord and employer/HR department about having received and returned the forms and 2) contact NACA Member Services at 425-602-6222 (not your counselor) 8:30 am to 5:30 pm Eastern Time Monday through Friday to find out if the documents have been returned and are in your file.
Tim Trumble
Online Operations, NACA
Good night,
i'm would like to sign up for the NACA program and the next workshop in my area is not until July 25th 2019, i want to know all the details and what it involves, or any requirements.
Just an update
I ended up going with FHA over NACA
What made you choose FHA over Naca in the end?