My organization is looking at new construction tracking tools to manage our self-help building jobs. What do other grantees use?
Sincerely,
Looking to Track That
Dear Looking to Track That,
We reached out to the grantees that work in RCAC’s service area and of the responses we received, the overwhelming response was BuilderTrend. Grantees who use BuilderTrend say they are able to integrate it with QuickBooks Desktop and it handles scheduling, bidding, purchase orders, invoicing and job costing reports.
And as a little bonus, one grantee voluntarily shared how they track self-help participant hours on the jobsite: they’re using BusyBusy, which is a time tracking app that also uses GPS to allow users to specify a “work site.”
I hope this helps! And if you’re a grantee using another efficient program, please let us know and we’ll share it with future inquiring self-help organizations.
Sincerely,
Sher
I am working with an applicant for a 502 Loan who has payment shock but has also been paying more than is required for her car payment (about double). Is there something I can use to “offset” the payment shock?
Sincerely,
Payment Shock Conundrum
Dear Payment Shock Conundrum,
The scenario you have sounds like the ideal time to utilize a compensating factor. A compensating factor is an exception to the regulations that suggests the applicant can afford more than the ratios allow. This does require approval from the loan officer’s next level supervisor, so be sure to include in your loan narrative that you are specifically requesting the exception, why it’s warranted and any supporting documentation (in this case, that would be showing the increased car payments). In most cases, it is necessary to show that the amount of extra payment they have made (or saved) is equal to or exceeds the difference between their current housing costs and new proposed mortgage payment.
Sincerely,
Sher
Dear Sher is a regular Self Help Builder News feature. If you have a question you would like answered or researched by Sher, please send it to asisco@rcac.org and your question may be featured in a future publication.
