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Like others have said. NACA approval is NOT credit score driven.
If you already have your affairs in order enough to get to your app submitted to underwriting quickly. Than yes you might be able to close on a home by end of JULY.
@queen_britt2003 wrote:I am attending my NACA workshop on Saturday. I am hoping to close by the end of July. I had a 621 at the end of December - I'm confident I'm at least at a 640 since I've got 6 negatives deleted since then. I'm hoping this minimize the need to use alternate credit. If I choose to go NACA then I'll post updates to this thread.
I thought I would just drop an update on my Naca Journey in the WI,Milwaukee office. My file was submitted back in Jan and Underwriter came back with simple conditions , but between the no response and my Counselor leaving and me not getting any notice for over a month I have decided to abandon NACA process. to unorginized for me and after months of waiting I am done. I can easily qualify for a FHA , or regular convential loan so if I see a property I want I will be going that route.
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
I attended the NACA workshop this past Saturday. Very informative. Seems like a good program although it is crazy detailed. I've decided to delay my home buying until 2015. This will allow 2 recently opened tradelines to age to a year. Plus a lot of derogatories will fall off between now & then.
Quick question - it was mentioned in the workshop that NACA does do a credit check through Equifax Mortgage Services (at here in Florida). Is this the full factual or a standard report?
That's good to know! I don't have any collections within the last 24 months. I'm going to start the process in December.
Hello,
Congratulations on your new house! I know this is an old thread, but I was wondering how your house turned out? We are attempting to build with NACA (we've grown tired of looking). Any tips you can give us would greatly be appreciated.
Thanks in advance!
I'm currently in a chapter 13 but am considering converting to a chapter 7 (long story). Has anyone worked with Naca after filing a chapter 7 and having it discharged? I was told that I wouldn't be able to work with them until my chapter 13 is discharged which is in two years but if filed a chapter 7 all I need are my discharge papers. I need to know how the experience getting approved.
When I filed my chapter 13 everything on my credit report was removed except my car payments and student loan.
Sometimes, borrowing can be a good investment. The money we borrowed can be utilized for education, travel, home improvements and any other that can improve our current lifestyle. Reverse mortgages are a bit of a niche financial product, as they are only available to senior citizens. The loans can offer some funding for retirement, but the CFPB is looking to the goods to see if any additional legislation might be warranted. Get help while waiting for a reverse mortgage with a short term loan. Many can be greatly affected by this.
This thread seems to be a bit outdated. I was hoping that someone can provide some insight into the general timeline for getting pre-approval through NACA if you don't have payment shock, you have no negative items on your credit report, and you submit all of your information to NACA on time. If anyone has epxerience dealing with the Baltimore or DC offices that would also be very helpful.
According to NACA, this process could happen very fast if your file is in order. I have not experienced this efficiency at any time during this laborious process. Even with good credit and no payment shock you may still have a few hoops to jump through before being qualified. Make sure you have the minimum required funds showing on your bank statement, your landlord verification AND rent receipts for 12 months, fall within the DTI guidelines, employment verification completed (no gaps), etc.
That being said, the time frame entirely depends on your counselor IMO. You are entirely at their mercy, and good luck getting a supervisor if you need one. You have to stay on top of them at every moment, take the initiative to perform all the follow up, and be prepared for duplicative requests. A lot of duplicative requests actually. I keep all my documents on a flash drive, so that during appointments when my counselor says, "I don't have the required file/letter/paystub/bank statement", I am already on the website and upload it (again) immediately.
I have been trying to get through qualification for over six weeks now. This is supposed to be a 3-5 day process once your file is complete.
YMMV. Good luck.