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Frequent Contributor
Posts: 409
Registered: ‎06-26-2015
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NACA questions

My wife and I have telephone appointment with NACA in May. I have uploaded everything except few remaining. We hope to close on a house this summer or early fall. Our apartment lease ends 2nd week of September and we could go month-to-month only for short time if needed.

 

I know NACA has no down payment, no closing fees and especially NO PMI! That works for us perfectly because we don't have alot to put down and the rental prices jumped every year that we decided buying a house is a good way to invest our money rather than throwing 16K or more yearly on rent (UGH!).

 

My question is what is expected from the time we sign the offer to buy to closing day, costwise (ballpark).

 

If you closed with NACA, do tell me your upfront/closing expenses so that we can be prepared.

 

Many thanks in advance!

CAMailman

BK7 Filed 3/15, Discharged 6/15
Starting FICO: 7/05/15: EQ: 490, TU: 497, EX: 477
Current FICO 5/16/17: EQ: 691, TU: 693, EX: 706
/i1078.photobucket.com/albums/w485/oldschoolmafia/862xJzu_zpsvmvl11zb.png" height="50" title="American Express Blue Cash Everyday (AUTHORIZED USER): SL $2,000 Opened January 2016, Now $12,000ms/w485/oldschoolmafia/quick-silver_zps28kb8iko.jpg" height="50" title="Capital One Quicksilver: SL $3,000 Opened April 9 2016, now $6,500 CL!">
Contributor
Posts: 138
Registered: ‎11-18-2014

Re: NACA questions

Hello CAMailman,

 

The projected timeline from contract-to-close in the NACA Process is 28 days although there are factors that can cause a delay.  You can see the brekdown of the timeline starting on page 23 of the following slideshow presentation:

 

https://www.naca.com/Scripts/pdfviewer/web/viewer.html?pdffile=/media/1247/nacaoverview.pdf

 

Tim Trumble

Online Operations, NACA

Frequent Contributor
Posts: 409
Registered: ‎06-26-2015
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Re: NACA questions

Hello Tim!

 

Thanks. I've read it and still have some questions...

 

How much should I have in savings? I understand at least 1 month of mortgage/tax/ etc...

 

Also I know there is NO closing cost but there's pre-paid property tax and Homeowner's insurance, how should I know or how much should I save for these?

 

Lastly, I did see Twitter that NACA is hiring (Sacramento) does that mean NACA will open its office in Sacramento? if so, when? it would be awesome since my wife and I don't have to drive 80 miles to Oakland. :-)

 

Thank you,

CAMailman

BK7 Filed 3/15, Discharged 6/15
Starting FICO: 7/05/15: EQ: 490, TU: 497, EX: 477
Current FICO 5/16/17: EQ: 691, TU: 693, EX: 706
/i1078.photobucket.com/albums/w485/oldschoolmafia/862xJzu_zpsvmvl11zb.png" height="50" title="American Express Blue Cash Everyday (AUTHORIZED USER): SL $2,000 Opened January 2016, Now $12,000ms/w485/oldschoolmafia/quick-silver_zps28kb8iko.jpg" height="50" title="Capital One Quicksilver: SL $3,000 Opened April 9 2016, now $6,500 CL!">
Regular Contributor
Posts: 147
Registered: ‎04-02-2016

Re: NACA questions

CAMailman - Just checking to see how your NACA call went.  I am very deep into the process and can help answer any questions based on my experience so far.  I am currently in closing stages finalizing bank app and my closing is scheduled for May 26th.

 

Good Luck!

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Posts: 107
Registered: ‎04-14-2017
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Re: NACA questions

I'm curious how long the whole process takes.  This is something I am considering doing, but if it isn't any quicker than me waiting for some other things to build on my credit report I will just do that.  I'm in the fortunate situation of having been left some money, so I have paid things off and am now just waiting for things to update on my credit report to see where I am at.  I have spoken to several people different people and one person thought that I should be good to go by June or July and another thought that I would need to wait at least a year for my credit to be where I need it to be.  So frustrating!

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Posts: 190
Registered: ‎11-28-2012
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Re: NACA questions


hintzmk10 wrote:

I'm curious how long the whole process takes.  This is something I am considering doing, but if it isn't any quicker than me waiting for some other things to build on my credit report I will just do that.  I'm in the fortunate situation of having been left some money, so I have paid things off and am now just waiting for things to update on my credit report to see where I am at.  I have spoken to several people different people and one person thought that I should be good to go by June or July and another thought that I would need to wait at least a year for my credit to be where I need it to be.  So frustrating!


A family member of mine in South Carolina closed on a house using NACA in late February. She began the process in November, and put a contract on the house in late December. One thing  her realtor told her was in very hot markets where inventory is a premium, it may be a challenge to use that loan.

Current Score: TU 669 6/15
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Posts: 147
Registered: ‎04-02-2016
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Re: NACA questions

Each situation is different for how quickly the process takes. NACA goal is to close within 28 days of when you sign a P&S agreement...but if your doing a rehab or house needs additional repairs based on inspection, then it would take longer, but that's same with most mortgage loans.

My opinion only, the key to NACA program is qualification. If you read the book and go in with the mindset that you "own" your file and want qualification during that first intake session, it's can be a smooth process. I made a binder with all my documents, backed up to google docs, had a thumb drive of everything...so that whenever a question was asked I had quick access to it all. It's well worth the time and effort for that end result...think of it as a second job.

If there any specific questions that I can help answer regarding my process, just fire away. There is a very friendly individual, Tim, who pops into the forum and clears up any NACA specifics. Plus they have their own forum that I would check out as well. I am in the May closers thread and look to close on May 26th. Good luck all!
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Posts: 409
Registered: ‎06-26-2015
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Re: NACA questions


cmony787 wrote:

CAMailman - Just checking to see how your NACA call went.  I am very deep into the process and can help answer any questions based on my experience so far.  I am currently in closing stages finalizing bank app and my closing is scheduled for May 26th.

 

Good Luck!


Hi Cmony787,

 

Actually my wife and I just finished telephone appointment this afternoon. MC was impressed that we faxed almost everything and that we kept our debt to almost zero for the credit cards part. 8.5k for Parental Student Loan. Said we are qaulifed 383k with estimated monthly mortgage of $2,213. That's great but to be really comfortable at the high end would be $1,900 which translate to $327k.

 

Got the action plan via e-mail telling us to save at least $500 a month and to have MRF of $7,000 ($4,000 would be gifted by my family).

 

FYI: I had to file for bankruptcy more than 2 years ago due to ex-wife. Our MC was impressed how well I rebuilt my credit! I even was surprised that she gave me our credit scores:

 

Me:

EQ: 691

EX: 706

TU: 693

 

Wife:

EQ: 697

EX: 808 (Whoa!!!!)

TU: 714

 

I actually forgot to ask if these scores are FICO or not. Does anyone here know if it's FICO scores that NACA pulls for the first time?

 

Our next telephone appointment is end of next month after we all follow action plan, she then will submit our file to the underwriter. She said she's confidenced that we would have closing before our 2nd week apartment lease end. (IF we signed the contract and all goes well and NOTHING change to our action plan, etc...)

 

BK7 Filed 3/15, Discharged 6/15
Starting FICO: 7/05/15: EQ: 490, TU: 497, EX: 477
Current FICO 5/16/17: EQ: 691, TU: 693, EX: 706
/i1078.photobucket.com/albums/w485/oldschoolmafia/862xJzu_zpsvmvl11zb.png" height="50" title="American Express Blue Cash Everyday (AUTHORIZED USER): SL $2,000 Opened January 2016, Now $12,000ms/w485/oldschoolmafia/quick-silver_zps28kb8iko.jpg" height="50" title="Capital One Quicksilver: SL $3,000 Opened April 9 2016, now $6,500 CL!">
Frequent Contributor
Posts: 409
Registered: ‎06-26-2015
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Re: NACA questions


cmony787 wrote:

CAMailman - Just checking to see how your NACA call went.  I am very deep into the process and can help answer any questions based on my experience so far.  I am currently in closing stages finalizing bank app and my closing is scheduled for May 26th.

 

Good Luck!


Also, congrats and good luck with closing! Smiley Happy

BK7 Filed 3/15, Discharged 6/15
Starting FICO: 7/05/15: EQ: 490, TU: 497, EX: 477
Current FICO 5/16/17: EQ: 691, TU: 693, EX: 706
/i1078.photobucket.com/albums/w485/oldschoolmafia/862xJzu_zpsvmvl11zb.png" height="50" title="American Express Blue Cash Everyday (AUTHORIZED USER): SL $2,000 Opened January 2016, Now $12,000ms/w485/oldschoolmafia/quick-silver_zps28kb8iko.jpg" height="50" title="Capital One Quicksilver: SL $3,000 Opened April 9 2016, now $6,500 CL!">
Regular Contributor
Posts: 147
Registered: ‎04-02-2016
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Re: NACA questions

Thanks!  We have 1 lender condition left during bank app underwriting and MC is pretty confident we will close on time (Sched next Fri).  Doing my best to not have closing craziness.

 

The scores they pulled are FICO Mortgage, I compared to scores from myFico Mortgage and they matched exactly to what NACA pulled.  

 

Good luck with the process, sounds like you are on top of it and things are going well.  Another piece of advice is after you are qualified, don't wait too long to find a home and sign a contract.  The closer you find a home to qualification date makes the next step "Credit Access" that much easier.

 

 

 

 

 

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