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NACA does NOT loan above 362k even if you put down the difference.
Thank RichRaven for replying.
I have been following your thread as you have successfully completed a NACA purchase.
Now since NACA will not give me a loan for more than $362K ........ does $362K have to be my purchase price?
Or can my purchase price be $400K but with a $38K down payment (or principal reduction since NACA does not allow down payments) which will eventually make my loan amount $362K ?
I have tried getting answers from NACA and their message board............but none have been giving me a straight answer.
I am having a very tough time finding a house for under $362K in my area.
The 362k purchase price is the maximum and you can't put the difference as down payment.
Thank you.
Great to see that with patience NACA does truly work. My wife and I started our process back in March. We took care of our charge offs and saved up the funds needed to go to the next level to be submitted to the under writer. Everything was going great until our counselor pulled an updated copy of our credit report. I now have three additional charge offs that need to be addressed, talk about depressing. Even though the charge offs are barely 2months old, why is it important they they be paid off, especially since took care of the 1-2 year ones?
I'm trying to be patience but frustrated at the same time. All the nice houses in the area we live are falling off the market like flies now. Only thing left are hard to get rid of Short Sales which could work to our benefit. Looking for anyones input on the underwriting issues they have experience and so on.
The chargeoffs need to be paid off for two reasons in respect to NACA. The first is NACA's underwriters won't approve your loan because the very purpose of NACA is to show you how to be prepared for homeownership and part of that is the responsibility of paying your bills. If you can't pay your chargeoff's they may put a lien on your home which by the way is the second reason.
RR, I've sent you a PM!
I know this isn't the most appropriate place to post this but moderators please give me some slack. THE BALTIMORE RAVENS WILL CRUSH THE STEELERS SUNDAY. WE WILL DOMINATE THEM AND MAKE THEM OUR PATSIES....GOOOOO RAVENS.
Aaaaannndd they did!!!! Go Ravens!! What a way to start the season!