The Official NACA mortgage thread

[MTD333]

Thanks for the clarification.  Sounds like exactly what I'm doing.  The home I'm purchasing is under construction so thankfully I have the ability to be patient through NACA's tedious process and in the meantime, I'm able to save enough money to buy down the loan. 

Were you able to close within 30 days without issue?

[chasmith]

Mine was also new construction.

I was NACA Qualified in January, construction was finished in early April, closed April 12.  I can't say it was "without issue" but got through it successfully.  I'm enjoying my third year in the home.

[RebelBlue]

For new home construction, can "renovation" through HAND include such things as adding on a new custom deck or custom pool that is not part of the standard build? Would I be able to use the excess approved amount for that?

[MTD333]

I'm not sure about the criteria for using the HAND program. Reading the blurb on the website, it implies that it is to fix up a home that needs work.  But if you could get hte builder to add it on and add it to the list price of the home, without going over your qualification amount, that would probably be the easiest way to do it.

[billyocean]

You cant borrow money down on points but you can borrow money above the sell price up to 10% for wish list/repair items.

[MTD333]

Can somoeone please clarify a question I saw posted elsewhere: Is the NACA loan amount for the list price of the home? Or does the loan amount subtract the downpayment that members are not required to pay?  In other words, is the no down payment that NACA promotes being paid by the lender, or is there simply no down payment and the entire list price for the home becomes your loan amount?

[livingfree]

The loan amount is for whatever you qualify for.  Your region will have a maximum amount that they will allow for.  Once you apply to NACA they will ask you what you want your payment to be.  They will then work with you by looking at bills and your ability to pay that amount. It's simple just time consuming.

[MTD333]

The question that I saw asn't asking about the loan qualification amount, it was pertaining to tthe specific loan amount.  For instance, if the person qualifies for the maximum amount of $400k and finds a home priced at $400k, will the loan be for $400k?  NACA says there is no down payment, but does that mean that NACA/Lender is covering the downpayment, in which case, the down payment amount would be subtracted from the loan.

In other words, a $400k home with a 3.5% downpayment from NACA would mean the loan amount is $360k.  Is that accurate of is there simply no downpayment and the entire loan would be for $400k?

[livingfree]

We purchased our home for $179,030 but we were qualified for $205,000. The loan amount is for $179,030 no down payment. However, we decided to add a $4000 fence to our "wish list." So our loan went up ti$183,030. You can add wish items to improve your home up to the amount you are approved for. I hope this help.

[MTD333]

Thanks, very helpful and congrats on your purchase!