NACA SERIES: INCOME LIMITS | PAYMENT SHOCK | AFFORDABILITY | HOW TO DETERMINE YOUR PAYMENT SHOCK
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- čas přidán 4. 10. 2021
- #NACA #NACASERIES #NACAQUALIFIED
Hi everyone! Welcome back to another video. In today's video, we will be going over how to determine what your Payment Shock is, as well as discussing the affordability. I hope this video helps you in some kind of way. Please remember to always consult with your MC when it comes down to finding out your actual affordability and payment shock as they are the experts. If you enjoyed this video, please make sure to subscribe to this channel, and hit that like button.
XOXOXO!
Thank you very much for your information. Oh by the way I see your confidence booming out every time I see your video. Keep up the good work!
You’re welcome! And thank you so much!! 🤗 I’m really starting to actually feel comfortable now. This take a lot of effort to put yourself out there, so I really do appreciate the kind words. 🥰🙏🏾
This video was so helpful! I plan on starting the NACA program towards the end of 2022 (hopefully after I pay off my car.) This definitely gave me a better understanding of how to calculate my estimated payment.
Great! Thank you for watching! ☺️❤️🙏🏾
Thank you for breaking this down. This was so helpful!!
You are welcome! ♥️
I have my first appointment in late November and I’m so excited! I’ve already started saving and budgeting. Thanks for the videos!
Yessss!!! 🙌🏾🙌🏾 you are on the right track! I hope all goes well for your first initial appointment! 🙏🏾
This video was so helpful. Keep them coming . GOD bless 💕💕
This was good information. I keep putting off my intake appointment because I'm soooo nervous. My affordable mortgage is way higher than I want to actually pay based off my calculations. Thanks for sharing!
Thank you! 🙏🏾 You can always buy your interest rate down to make your mortgage more affordable if you have the money to do so. It’s completely ok to be nervous, but I would suggest to go ahead and schedule your intake appointment sooner than later. ❤️
this actually help cause this is kinda close to my monthly income NO SHAME which it was more but it is what it is at this point... Thanks
Exactly, no shame! I’m glad this video helped you! ☺️🙏🏾
Thank you I really enjoyed your video it explained a lot. Thanks for the breakdown. 👋👋👋
You are very welcome! Thanks for watching! ♥️
Thanks for sharing this!!! This helped me so much
You’re welcome! I’m glad it helped you! ☺️
Great explanation. Thank you!!
Thank you so much! 🙏🏾♥️
Good information. Thanks for sharing.
Thank you, and you’re welcome ☺️
Yes your video was most helpful
Awesome! Glad I could help. 😉
This is very good information thank you. 😊
You are welcome!
Thank you for this!
Great job !
Thank you! ☺️
Thank you this was very helpful
Excellent Thank You Very Much
You’re welcome 😉
Thank you so much for this video
You are very welcome!!
Thank you for sharing!!!! I’m currently saving for my payment shock.. I’m so anxious next appointment in February
You are welcome!! I hope all goes well at your next appointment! 🙏🏾❤️
One question has finally been answered for me at my intake meeting which may be very interesting for self-employed people applying for NACA , because there is not very much information out there for income requirements of self-employed people and the workbook doesn't specify this at all.... soooo... If you are self-employed, you qualify with your Net income of the average of your 2 last tax return, so line 31 on your schedule C of your tax return ! (In other words if you are used to write off a lot of expenses for your business to lower your taxable income / profit your Naca affordability drops ... so if you want to qualify for a high amount ( considering your city's median income / naca income limit ) you may have to bite the bullet and pay high income taxes for 2 years . A good CPA is def. needed at this point to possibly still save some taxes or find a strategy to use the house then purchased with Naca to write off some liabilities the following year, maybe with additional office space etc.
Thank you for sharing this much needed information. This is very helpful for those who are self-employed! Appreciate you! 🙏🏾☺️❤️
@@Regal.Impress Sure, I will be back with more info for Self-Employed people. Most likely about multiply cars / notes for business in personal name / credit... In the mean time, can you share here if you had to make mortgage payments on your Naca mortgage while your home was build, since you have a new construction home !?
@@tobyreal6647 Ok, great. I did not make my first mortgage payment until June of 2020. We closed on April 13th of 2020. So you are not required to make any mortgage payments until 30 days after you close.
@@Regal.Impress Ok, maybe I'm misunderstanding and for people who are new to NACA the term " New Construction " is not clear. So " New Construction " just means a house nobody has lived in before, but it does not mean you can buy land and and build your own home on it!? Which might take a year or longer until the " New Construction " is build and move in ready.
@@tobyreal6647 New Construction I believe refers to anything that is currently in the process of being built, but can also refer to a home that has already been built and is considered “New” and no one has bought or lived in the home yet. What NACA does not allow, from my understanding is the purchase of land, and then the purchase of a home to build on the land. That is considered 2 transactions, 1. a construction loan and the other a home loan, and NACA will only allow you to purchase a home and land in a single transaction. We actually asked about this and were told we couldn’t do it. NACA also does not allow you to build a home on land that you currently own. This would be great. If NACA allowed it, but I guess NACA has its limits on things! 🤷🏾♀️
In your opinion, did you see homes that you liked? I live in Georgia outside Atlanta area and I have a list of what I want my future home to have.
Yes, I did. The issue I kept having was being non-priority, so some of the homes that I really liked we weren’t eligible for due to being non-priority. My husband and I wrote out a list of what we wanted in our home, I call it Manifesting 😉
Say your “gross” is $6k but you have no debts can you give a roughly estimate and no current rent payments and already completely a 6 month of payment shock of 3000..
Thank You so much
Great information. I now have a much better understanding on the numbers my consultant gave me.
I’m glad you found this video helpful. Thank you for watching! ☺️
Hey you're video is so helpful. I have a Naca ID number and i would like to start the paper by up loaded but i need help doing it. I don't know how to do it. And i don't have any saving in my bank. Am go in to start has of this month just because i need a house for my self and my son and granddaughter they are in school. Am living in a basement and am living from pay check to pay check. I pay my rent on time. Am a single mom. How can i get some help to start up loaded paper work.?
Thank you so much! ☺️ I am thinking of a way to show others how to upload documents, but I do t want to disclose personal information from my file, so hopefully, I can figure it out. If not you may need to contact member services to see if they can walk you through the process.
Very interested in building a home with naca. Did you have to purchase the lot 1st or pay it inside of mortgage?
So, the land that the home sits on is included. If you would like to build a new construction home with naca, you would need to find an area where they are building single family homes, duplexes or townhomes. Hope this answered your question
As always great information…are you planning to do any more interviews
Thanks sis! I would like to. I will be doing a follow up with Jasmine pretty soon, since she became qualified.
@@Regal.Impress count me in if you’d like
@@coachdee7602 Yea!! 🙌🏾 most definitely! Are you on IG? If so, I will contact you there to set up a day and time. My IG is natoshas.lifestyle
Hi there, so do they not look at phone bills, cable, lights etc. I know this is an example but I don’t have any of those debts you listed
Hi! My MC never asked for any of those bills. They are looking at monthly debt obligations that could affect the amount that you are actually approved for, for your loan. The bills I listed are the ones that count towards your debt to income ratio. The bills you stated are recurring monthly expenses which do not need to be submitted unless you are trying to use it as an alternative form of credit or to verify residency. Thanks ☺️
Ok awesome, goo to know … thank you for replying and all of your valuable content. It’s greatly appreciated!
@@bryeats7501 You are very welcome! ☺️
I need more information about the program for a home loan
Hi how would I go about going through naca if I have an existing home before selling it?
Did you buy your current home using NACA? Most likely, you will need to have your home sold prior to becoming NACA qualified, but please go ahead and sign up to get the process started.
@@Regal.Impress no I did not purchase through naca
❤
Well I did my math and my affordability amount is -$216. I guess I need to get this debt down first before I go into the program…….And my payment shock is $1099. 😭😭😭😭
Take your time, they will still work with you while in the program and help you strategize to get your debt paid down.
I haven’t worked an entire year yet an I have a HCV should I still attend the workshop?
Yes! Since you have the HCV, have you looked into the homeownership program through FSS? Either way it goes, you will need some kind of steady income for either program, but it’s a good idea to attend the Naca workshop to obtain your Naca ID# now so you can start working with a counselor. The program Naca has is called HOT-PHA which stands for homeownership through Public housing Authority. They are all great programs!
@@Regal.Impress yes I tried the Fss it’s hard to get in cause they always close 😩 I been doing research on naca I have a workshop app in December. Thanks for your reply love your videos
@@loc.dprincess9484 Ok. Yes keep your webinar appointment! I hope all goes well for you! And thank you so much for watching! ♥️🥰🙏🏾
What if you have a housing voucher? How does it work section 8
😂😂😂 what
@@gg8723 how would you find they payments limits with a voucher on section 8
Have a question what if you are on public assistance can you get this or if you get rental assistance do you qualify?????
Good question! My honest opinion to that question is, it may not be time to buy a home if you need rental assistance to help with paying your rent. Waiting until you can become self sufficient to pay your own bills is the best way to go. What kind of public assistance? Food stamps, Medicaid, WIC, TANF, SECTION 8?
@@Regal.Impress I’m not sure I was asking lol I haven’t seen anyone due a topic on that yet
@@Regal.Impress it would be for food stamps or something like that because I see they have where you can buy using section 8
@@CakeyKoutour Ok, no problem 😉 That is a good topic, I can do a video on this if you’d like.
@@CakeyKoutour Exactly! Ok thanks for the clarification.
What bills do naca actually count
Do they count electric bill
Child support
Car insurance
Child care
Subscriptions?
Just to confirm affordability amount and rent equals = max mortgage
Correct 😉
@@Regal.Impress Thanks great video very helpful
Can I Move My Debit Card MONEY which is how I get Paid from my job into My Bank Savings Acct. For NACA to see?
Yes, you can but are you trying to move it all or just a specific amount? If it’s just a specific amount, let’s say for the sole purpose of saving for the minimum required funds, you will most likely need to write a LOE explaining this so they will know why you are continuously transferring money every pay period.
@@Regal.Impress thank you. It will be done as you advise. 💥👑
I wish the interest rate now😢
Spent way too much time explaining that this is an example... we get it.
And you didn’t have to watch it but you did!🤣😂