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Naca qualification

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Anonymous
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Naca qualification

I was recently qualified for a NACA with a payment of $860 per month and per my mortgage counselor that equates to about $159K with the current interest rate at 3.5%. During my last meeting the mortgage counselor requested 3 months of credit cards statememts for all credit cards. I supplied a few since I ran out of paper and ink from printing. I originally requested my mortage to be at $1100 and I didn't get approve for that amount due to credit card usage. This is base on the I for counselor said underwriter said. Also stated to keep saving money and not use any credit cards and I can requalify im 3 months. So I decided to apply with a mortgage company since my credit was already ran by NACA it won't hurt to get a second opinion. I got preapproved base on my credit and income for $215K. I have a few friends who are all also going through Naca and stated they were never asked for credit card statements.
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Anonymous
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Re: Naca qualification

 
Message 2 of 3
Anonymous
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Re: Naca qualification

Hello Wifey21,

 

That mortgage company actually proved why there is such a need for what we do.  Remember, the person at the mortgage company is interested in getting you the biggest mortgage they possibly can whether you can afford it or not, since it gets him or her a bigger commission. This is the very same greed that caused the mortgage crisis in the first place.  NACA’s objective is to get you the maximum amount you can genuinely afford.

 

If you need to pay down your credit cards to qualify for a bigger mortgage with NACA, it’s going to be in your own best interest to do so.  Don’t forget that the mortgage company will also get you a higher interest rate than NACA will. Combine that and the significantly larger “preapproved” amount, and you are almost certainly looking at an unaffordable payment. At the very least you will be paying a much larger amount of interest over the life of the loan.

 

Work with your NACA counselor on exactly what you need to accomplish to increase your affordability under the NACA program. It will be worth thousands of dollars to you in the long run.

 

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

Message 3 of 3
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