The Official NACA mortgage thread

[islandgirl77]

Hi NACA members and potential members. I am new to this forum. First, of all i want to thank everyone for there NACA experiences, stories, timelines. They have help me out Tremendously with my process. with that being said heres my experience.

September of 2012 I attended my first NACA workshop. I was scheduled for my 1st intake on 3/2013. I was upset that I had to wait 6 months for my first meeting. In the mean while i started to gather ALL my documents. Before, I attended my first NACA, I was already in the process of repairing my credit.

Suprisingly, December of 2012. I was assigned a MC in Springfield, MA and my local office is in Atlanta.  This journey did have a few dips and bumps long the way.

1. refaxing, refaxing, refaxing documents to my file

2. MC not reviewing my file pior to my appt.

3. not responding to your emails

As of today ALL my documents and LOE are faxed.

LOE of variation of name, LOE that I live w/ family member and my monthly contributions and LOE of previous deliquent accounts. My biggest bump in the road is a Quick claim deed that was in my name. A few years ago my mother added me to the deed of her home and with the program I cant have interest in another property. I had to remove my name from the deed and any other documents pertaining to this property. my other issue is that i transfer my rent to my mothers checking account or i pay it directly to the mortagage company. I have included LOE that i dont have any interest in another property 

Per my MC 9.11.2013 i needed a few more documents fax to complete file and then she will submitt to couseling review.

1. my recent pay stub

2. action plan w/ updated shock payment

3. recent student loan statement

4. savings statement

5. refax july's budget

I am not sure how long this process will take, but I nervous. My action plan stated that my estimated approval date is 12/2013. I know the next stage will not be easy and it will take ALOT of prayers and couple of shots to the heads.. j/k

For those who can not wait to complete the NACA process..it does teaches how to save deligently, being patient, being persistent and being a responsible adult when it comes to your fianances.  For those that are starting the process.

You don't have to see the whole staircase, just take the first step.  

[Coreyswife4ever]

I am a little confused with Naca.  I was told by someone that works for Naca but not in Chicago that said I had to wait one year after filing a Chapter 13.  When I speak to someone in the Chicago office I'm being told I have to wait two years until it's discharged.  If I go FHA I'm only required to wait a year after filing a Chapter 13.  Anybody been through this before?

[fournee]

I was told by my counselor that the day after my discharge, I will be going to a homebuyers class and can start looking for a home. I am on a 3 year plan which ends in July 2014. I hope to be able to be in a home by November 2014, which is when my lease ends.

[RJA]

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 telephone follow-up with mc to verify task list items clear.  Then will proceed to underwriter!!

My task list:

Additional addresses on credit report - provide LOE w/dates of residency and why I moved  DONE

Additional names on credit report:  provide LOE of why additional name - DONE

Bankruptcy:  provide LOE for reason of filing and what I've done to prevent in future - DONE

Credit inquiries:  provide LOE w/dates, who, what they for and if resulted in debt - DONE

Foreclosure:  provide LOE for reason and what I've done to prevent in future - DONE

Address mismatch on driver's license:  provide proof of correct address with DMV - DONE

Deposits:  LOE and back up documentation for all deposits non-payroll related - DONE

Voter registration card : provide proof I'm registered to vote.  DONE

Employment verification - get a salary key from theworknumber.com to verify employment and income - DONE

I would suggest anytime you upload or fax documents to your webfile - double check to see if indeed it was received to file.  I had to fax a document twice.  Both times, I had confirmation of fax printout.  However, when I checked my file - the first never showed up.  So I faxed again - this time it went through immediately. 

I haven't had any problems with uploading documents - uploading was the best option for me.  Extremely quick with immediate showing of the documents uploaded.

I am excited to have my follow-up appt. this Thursday and hope that everything is good to go to the underwriter for review.  Will update on progress.

[NeedsHelp23]

All, I'm still subscribed to the FICO "The Official NACA Mortgage Thread".  Although I didn't purchase my home through NACA (2012), on the very day we were scheduled to close, it was discovered that the IRS had not received a copy of my "Extension To File".   NACA would not accept a copy of our confirmation, as they need to see it on a summary page directly from the IRS.  To make a long story short, we were definitely heartbroke we could not purchase through NACA.  We had to apply for the builders financing.  They approved us and schedule a closing within 2 weeks.  Three days after the builder approved us, NACA decided they would accept a copy of our confirmation.   It was a tough decision, but we ended up going through the builders financing company.  It was still a good rate, but of course, NACA's rate was better.  We didn't want to take a chance that something would fall through the cracks with NACA again.  With that being said, I still feel that the NACA program is a good one.  It helped us handle our finances better.  I still encourage friends and family to give NACA a try.  However, I must strongly recommend, make sure all of your paperwork is in place and if you have to get an "Extension" or any other paper work through the IRS, I would follow up diligently.  

Good luck to those now going through the process!

[RJA]

After my telephone appointment I received an updated task list:

LOE: boyfriend no longer living with me  DONE

LOE:  additional deposits into bank account (two I didn't catch the first time)  DONE

Bankruptcy discharge papers  DONE - second time submitting

Salary Key for employment and income verification  DONE - second time submitting

Paystubs:  June and July since I do not have direct deposit  DONE

I had already uploaded the BK discharge and Salary Key, but apparently it was not there.  So this time I sent all documents via email and uploaded to webfile. 

Per my MCs email, she said she is submitting my file to the underwriter. 

My status on my webfile has changed - the "not qualified" is gone - now it's blank.  Does this mean she already submitted to the underwriter?

[RJA]

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@NeedsHelp23 wrote:

All, I'm still subscribed to the FICO "The Official NACA Mortgage Thread".  Although I didn't purchase my home through NACA (2012), on the very day we were scheduled to close, it was discovered that the IRS had not received a copy of my "Extension To File".   NACA would not accept a copy of our confirmation, as they need to see it on a summary page directly from the IRS.  To make a long story short, we were definitely heartbroke we could not purchase through NACA.  We had to apply for the builders financing.  They approved us and schedule a closing within 2 weeks.  Three days after the builder approved us, NACA decided they would accept a copy of our confirmation.   It was a tough decision, but we ended up going through the builders financing company.  It was still a good rate, but of course, NACA's rate was better.  We didn't want to take a chance that something would fall through the cracks with NACA again.  With that being said, I still feel that the NACA program is a good one.  It helped us handle our finances better.  I still encourage friends and family to give NACA a try.  However, I must strongly recommend, make sure all of your paperwork is in place and if you have to get an "Extension" or any other paper work through the IRS, I would follow up diligently.  

Good luck to those now going through the process!

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So happy you were able to get the financing through the builder's lender.  So sorry you weren't able to use the program, but I can understand why you didn't. You have your home and that is what matters - Congratulations.

I just started my home buying process with NACA in August.  I just hope it all goes well.

[NyssaHoney]

RJA,

Yes, you are in underwriting.  For my husband and I, this was the most trying part of the entire NACA process.  IN the end, it was totally worth it!

[Shandy123]

My husband and I met with a realtorthat told us about naca and it seems a bit to good to be true!

My main concern is that I see in the website that no other member of the household can own a property. I do have a mortgaged townhouse - so I suppose technically a bank owns my property (I'm taking it literally!)

I purchased my home before marriage. Can anyone share if they have an experience where one member of the family has a mortgage? I'm wondering if he buys a home on his own, can we use naca?