Not going to disclose downpayment but it didn’t change the rate
No PMI(VA Loan)
3.75% was about 3 weeks ago with not buying any points.
House I bought wouldn’t qualify for this anyhow due to the price. Just was curious about what rates were comparatively. I can tell you that when I spoke with my lender just this morning he said he could still do under 4% today no problem. So im not sure what NACA uses to say 1% lower if they are at 4%
Thanks for the continuing updates Jack. I still think this would be an ideal route to take but with living in Syracuse and trying to buy a home in Buffalo, it looks like it will be a greater hassle than I can handle at the moment. However, if I do end up moving back and find an apartment for the time being, then I would definitely consider NACA.
Dude, take your VA loan and get out of here. You’re making the rest of us look bad.
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I’ve only had to go to the office once. Everything else has been in email or phone. Go for it.
LOL yeah some of the perks of the VA loan are quite nice but it is not tied to the rate itself.(I get a huge tax % off too just to rub it in haha) The lender is still First Niagara on the loan though. Reason I was curious is because I know you are going through a lot on this thing and just wanted to share that ~4% is available right now through traditional lenders. But for most they would have to pay PMI which to my understanding has gone up a decent amount the last few years.(my other house is only $60/mo). Also closing costs and down payment would need paid. BUT the rate is there and way less hassle.
Looks like fed is keeping the rate down through 2014 so people will have plenty of window for opportunity. I thought for sure they were going to raise it a TINY amount on the election year so Obama could claim he fixed everything before elections so they must be quite afraid of what a small lift would do to the market. After really reading through what Big Ben put out today I am honestly epecting there to be more Quantative Easing against what I figured politicaly they would be doing in an election year. If they aren’t going to raise the rate until late 2014 and they start buying mortagage securities as a form of easing my guess is it is quite possible we see even lower rates.
Sent you a PM Jack.
4% is good. But the downpayment, PMI, and additional closing costs add up big time over a 3% no DP and no PMI.
But I’m working with retards and I wasn’t prequalified in time for the Thursday purchasing workshop, so now I have to wait at least a week to do it all over again.
This program isn’t for everyone. Fuck.
I bought a house in Buffalo and my loan officer lived in Syracuse. I submitted an online credit app to my bank and he was the first to contact me.
^^Interesting because I haven’t been able to find anything regarding NACA offices in Syracuse. After looking into attending a workshop, the closest ones to me are still in the Buffalo area.
Just got qualified. I am buying down to 0% and adding another 20-30k to the loan for an addition. I hope.
:tup:
I misread your post. I meant that MY credit union had an office in Syracuse.
Gotcha, yeah it sucks living in Syracuse lol.
Glad to hear. Never got around to PM’ing you back, but I think given my situation and time frame, NACA just isn’t in the cards for me. If I do end up moving back and renting for a year, then I’ll definitely sign up.
If I flew down to Atlanta for their rally, I would have been qualified in 1 day, instead of dicking around back and forth.
Being able to take out a “loan” for home improvements and appliances @ 0% in addition to the purchase price is incredible. I’ve never heard of that before.
Hey I got your pm and sent an email. I will get you that number asap
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I have an inspector coming Tuesday. I’ll take the number though.
Bumping this up, seriously considering this now. Finally working in Buffalo and would like to be in a home about a year from now. Anyone else try going with NACA? I’ll probably sign up for an October meeting to get the ball rolling. I know a main complaint has been the time consumption but I really wouldn’t want to move before next Summer anyways. I would gladly wait through the process over the next 10 months if it will save me the downpayment and closing.
I had a co worker that I referred to NACA last year. He just got around to going to a meeting and was approved within 30 days and looking for a place. He says that they have gotten a bit better and more streamlined.
That part wasn’t bad for me either, but when I started hearing the nightmares about getting through closing I backed off. Do you know if that has gotten better recently?
I will follow up with him next week. I am out of town through the 12th. I know that he was out looking at houses but our market is a but messed up right now so I doubt that he has even settled on anything.
Please do, that certainly sounds promising. I just signed up for the September 6th meeting.