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Regular Contributor
Posts: 244
Registered: ‎07-23-2008
0

Re: NACA

AvionicsEngineer, If you think about it and have a chance, could you run this scenario by them? My daughter ended up in foreclosure because her husband moved out and quit contributing to household expenses. Then, when my daughter tried selling, he was uncooperative. She had good credit up until then. She hates paying $1200 a month in rent and seeing that money just go down the tubes. She might even have court records showing the foreclosure was a result of her husband's behavior since they were going to file a motion for dissipation of marital asset or something to that effect. Would they give her any consideration for a mortgage?

Thanks and good luck!
Regular Contributor
Posts: 146
Registered: ‎06-18-2008
0

Re: NACA

Second chance. Yes. That is the only reason they make you wait for 3 months, but if you have the differnce being saved every month you should be good to go. Keep us posted.
6/20/08 TU=553 EQ=577 EX=458
07/16/08 TU=599 EQ=621 EX= 556
8/05/08 TU=632 EQ=652 EX=598, 9/30/08 TU=632 EQ=655 EX=616
Frequent Contributor
Posts: 346
Registered: ‎05-29-2007
0

Re: NACA

Teton,
 
I went to the seminar. I have a foreclosure that is 2.5 years old and was able to start the process. You have to be 2 years out of foreclosure in order to go through NACA.
 
You also have to make sure you have all of the documentation when you go to the first meeting.
 
Phumanr
Regular Contributor
Posts: 244
Registered: ‎07-23-2008
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Re: NACA



phumanr wrote:
Teton,
I went to the seminar. I have a foreclosure that is 2.5 years old and was able to start the process. You have to be 2 years out of foreclosure in order to go through NACA.
You also have to make sure you have all of the documentation when you go to the first meeting.
Phumanr




Thanks for the info, Phumanr. Good luck to you!
New Contributor
Posts: 54
Registered: ‎06-03-2008
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Re: NACA

I went to my meeting and now I'm just waiting to hear back. My counselor said she only needs my job to verify my employment. She submitted my information for qualification so I don't know if this is how it's usually done or not. She didn't give me any tasks. I don't have any debt to pay down, and my savings is more than required...I'm assuming my savings pattern is ok as well since she verified my debt reduction against my withdrawls. She said the computer system wasn't showing that I needed any other documentation. They do approvals once a week, so I guess I'll just wait to see what happens. She said it usually takes 6 weeks, but since I bought everything it may be sooner.
 
A question for the people that have gone through the process, does the counselor usually give you tasks at your first appointment or do you find out AFTER your appointment? Additionally, has anyone ever been approved for more than requested? I gave a payment range and I noticied that my counselor was using the lower range instead of the higher...both were less than $300 of what I'm paying now so I'm curious to know how they decide.
 
 
07/28/2008: EQ: 588, TU: 586, EX: 583
08/21/2008: EQ: 654, TU: 664, EX: 652
02/10/2009: EQ: 687, TU: ?, EX: 780
Frequent Contributor
Posts: 346
Registered: ‎05-29-2007
0

Re: NACA

Hi Secondchance,
 
I have the same situation as you. I went to my meeting on 7/26 and left with no tasks. I had all of my documentation, no debt to pay down, and more than adequate savings, and more than 12 months of on time payments....so my counselor submitted me for approval. I usually check in through email every other day...it has been almost 10 days, but still not approved. Tuesday will be two weeks...
 
Has anyone been qualified within 2 weeks after you have all documentation?
 
Thanks,
Phumanr
New Contributor
Posts: 54
Registered: ‎06-03-2008
0

Re: NACA

Well that doesn't make me feel good about my meeting at all. Did your counselor give you a reason for the delay? Mine told me they only do approvals on Thursdays, so you might want to make that the day you check in. A co-worker of mine was recently approved for the program. She said she went to her 1st meeting in March, and was told to pay down her debt. She didn't hear back from her counselor again until July, and was approved in 5 days.
07/28/2008: EQ: 588, TU: 586, EX: 583
08/21/2008: EQ: 654, TU: 664, EX: 652
02/10/2009: EQ: 687, TU: ?, EX: 780
Established Contributor
Posts: 905
Registered: ‎07-25-2008
0

Re: NACA

what are their FICO requirements for a mortgage, I know mine are low
 
I am paying 1123.00 in rent now and the payment through their calculator
 
was 1059.00 so I could make the payments :smileyvery-happy:
 
Ok so how do I go about contacting them? do you have to buy from specific properties?
 
Thanks
 
I also have 6 PAID collections coming off my CR's at the begining of Next month
 
so that should help my scores :smileyvery-happy:

Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
New Contributor
Posts: 54
Registered: ‎06-03-2008
0

Re: NACA

[ Edited ]
Hi Hoping2rebuild,

NACA does not have a minimum FICO score requirement. They look at the last 12-24 months of your credit history. If all your collections and debt have been paid/on time in the last 12-24 months you should be good to go. Before you meet with a counselor you have to go to a workshop. You can find workshops in your area by your entering your zip code on their website. After you go to a workshop you will be emailed an ID number and from there you can schedule an appointment with a counselor. Good luck!

Message Edited by SecondChance23 on 08-09-2008 03:53 PM
07/28/2008: EQ: 588, TU: 586, EX: 583
08/21/2008: EQ: 654, TU: 664, EX: 652
02/10/2009: EQ: 687, TU: ?, EX: 780
New Member
Posts: 1
Registered: ‎02-01-2008
0

Re: NACA


phumanr wrote:
Hi Secondchance,
 
I have the same situation as you. I went to my meeting on 7/26 and left with no tasks. I had all of my documentation, no debt to pay down, and more than adequate savings, and more than 12 months of on time payments....so my counselor submitted me for approval. I usually check in through email every other day...it has been almost 10 days, but still not approved. Tuesday will be two weeks...
 
Has anyone been qualified within 2 weeks after you have all documentation?
 
Thanks,
Phumanr

I was qualified in 2 days. I had my initial meeting on Tues April 22nd. I was approved Thurs April 24 and attended a buyer's seminar that evening. By Friday I was reviewing listings. It me 2 weeks to find my house and 2 or 3 weeks of negotiating before I had a signed contract. I ran into some zoning and inspection repair delays that took time to resolve but I did not experience a single delay related to NACA. I closed July 2nd.
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