NACA mortgage question

creditgirl · ‎08-26-2007

Hi! I have read about the NACA through this forum but have a question. The website says that you don't have to have perfect credit. I realize that can mean anything! My brother is looking to buy a home and his FICO is about a 600, do you think he would qualify with NACA?

Message Edited by creditgirl on 08-26-2007 06:44 PM

FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454

Anonymous · ‎08-26-2007

creditgirl wrote:
Hi! I have read about the NACA through this forum but have a question. The website says that you don't have to have perfect credit. I realize that can mean anything! My brother is looking to buy a home and his FICO is about a 600, do you think he would qualify with NACA?

Message Edited by creditgirl on 08-26-2007 06:44 PM

Mortgage companies are not giving loans like they use to. Some people with very good credit scores are having trouble. They do not just use scores...they take everything into concideration. debt to ratio credit scores & length of history.

Anonymous · ‎08-26-2007

NACA looks at your credit record - not your credit score. So, it does not matter what your credit is. They will help you clean up your credit and review your finances etc in order to prepare you for homeownership but you will NOT be disqualified because of your score.

Anonymous · ‎08-28-2007

@Anonymous wrote:
NACA looks at your credit record - not your credit score. So, it does not matter what your credit is. They will help you clean up your credit and review your finances etc in order to prepare you for homeownership but you will NOT be disqualified because of your score.

I completely agree with Dooo... as a participant in the program, I can tell you that they do look at your credit report/history to reconcile things that need to be fixed. Since March or so, my credit score has gone up at least 50 pts. It's true that it doesn't 'matter' what your credit score is, but they will monitor your savings/spending habits before pre-approving you.

In our case, they verified employment, rent history, credit report, deposits to our savings accounts, etc.. They were extremely helpful in helping us set a budget as to how much we could afford to pay monthly.

In sum, you will not be disqualified because of your score, but you have to 'qualify' yourself by demonstrating consistent savings and spending patterns. Please check out the website if you haven't already done such!