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The Official NACA mortgage thread

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Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hello...

 

I'm new also to this discussion board...and "soon to be new" to the NACA program in itself.  My DH and I plan to attend a workshop on next month, and we would like to be prepared!! :-)

 

We've been renting from a "friend of the family" for about 1 1/2yrs...paying monthly with cash.  What would we need in order to verify rental history??  We have no canceled checks...would a letter from him suffice? Notarized?

 

Please help...

Message 3881 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Jsinglet, you will need more documentation to corroborate the rental payments. You will definitely need a copy of the lease aggreement spelling out the rent amount. If you can provide bank statements showing that money was withdrawn for rent that may help. Keep in mind that you it takes a few months to even get to the underwriting stage so you can start paying with checks right now to start building your paper trail.
Message 3882 of 4,793
chef06
New Visitor

Re: Advice needed about NACA

The New Naca Forums are up and running and you will probably get your questions answered there more quickly.

 

Usually the Administrator will chime in and offer to help if no one has an answer for you. 

 

Good Luck!

Message 3883 of 4,793
chasmith
Valued Contributor

Re: Advice needed about NACA

What new NACA Forums?  On this board ore somewhere else?

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 3884 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hi Everyone, Im new to the forum, and new to naca as well.  I will be using the Newark office.  Are there any recommended counselors, and any that I should stay away from?  I have been doing some debt payoffs and refinancing of a loan in preparation of this process.  Should I make the intake appt, or wait a little longer until I think the changed have hit my credit report?

Message 3885 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

anyone???

Message 3886 of 4,793
chasmith
Valued Contributor

Re: The Official NACA mortgage thread

I don't know anything about Newark, I worked with Baltimore (and Washington, DC to close the loan).

 

The advice I hear and agree with is to stop doing credit repair until your intake appointment.  Then let the counselor recommend how to handle the issues on your report.  If you've paid some items but aren't sure they've updated, have proof in the form of cancelled check copies with you at your intake appointment.

 

I probably wouldn't delay that first appointment.  You'll have a task list (most likely) anyway so can get a start on your comprehensive plan sooner, the sooner you start the intake process.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 3887 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Thanks chasmith.  Ive been reading alot lately and thats why I decided to post.  I guess I shouldnt put it off because I never know if anything else needs to be fixed.  My issue wasnt so much paying stuff off, it was that my monthly payments of my car loan and personal loan were making my dti 43%.  At the workshop I learned that it had to be 40%. There wasnt any other way to bring it down since I didnt have much as far as credit card payments etc.  I took out a new loan to refinance the old loan and lower the monthly payments by more than half.  I also took some savings and paid off all of my cc balances but one.  My dti should be about 37% now, but my only issue is that I figure if they pull my credit report, they will still see the old info.  Unfortunately though it takes about 90 days to update.  Should I still go to the intake meeting with letters of explanation, and my bank statements showing my monthly payments? 

 

 

Message 3888 of 4,793
NeedsHelp23
Established Member

Re: The Official NACA mortgage thread

Good morning.  You may want to post your question at the NACA forum as well.  I'm sure someone over there can help you.

Message 3889 of 4,793
NeedsHelp23
Established Member

Re: The Official NACA mortgage thread

For your initial intake meeting, I would take as much information as I could.  Bank Statements, Pay Stubs, Rental Payments.  Yes, also letters of explanation, as well.  If you have any school loans, bring your payment stubs or statements.  If you have been married and are divorced or separated, make sure you bring your divorce decree, not a divorce certificate.  If separated, bring proof of separation. 

Message 3890 of 4,793
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