The Official NACA mortgage thread

[missjade]

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@MarineVietVet wrote:

Hi missjade,

May I make a respectful and gentle request? Could you edit your post and break it up into 5 or 6 paragraphs? A single block of letters and words makes it extremely hard to read and many people will simply skip over such a post and in doing so might miss something important.

It is possible to edit your own post. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you need any help with anything, let me know.

Thanks for joining and contributing to our community.

--marinevietvet, myFICO moderator

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Got it.  Makes sense.  I adjusted my post; hope it looks better.  Thank you for the advice.

[MarineVietVet]

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@missjade wrote:

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Got it.  Makes sense.  I adjusted my post; hope it looks better.  Thank you for the advice.

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It looks just great!!

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

I closed yesterday.

$190K

2.87% interest rate

My first appointment was 5/2010

Sent to underwriting 9/2010

Approved 10/29/2010

Under contract 12/9/2010

Closed 1/25/2011

This was a new construction home around metro Atlanta.

[Anonymous]

Congrats Reyno626!!  I'm also working with the Atlanta office.  I'm still waiting to get Naca qualified. 

[Anonymous]

We're Naca qualified!!  Yippee!!!! 

[Anonymous]

Maybe someone can answer this for me as I'm waiting for my mortgage counselor to give me a call.

We were recently Naca qualified & have found a home that we want to put an offer on.  The house is $50,000 less than what we were approved for.  As my luck would have it, my car died this weekend & I will need to purchase another one in the next few days.

I'm sure Naca will need to recalculate our approval amount once the new car is added into out debt but I'm wondering if we'll have to be resubmitted to underwriting & start this process all over again. 

Talk about bad timing

-Steph

[JM-AM]

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@Anonymous wrote:

Maybe someone can answer this for me as I'm waiting for my mortgage counselor to give me a call.

We were recently Naca qualified & have found a home that we want to put an offer on.  The house is $50,000 less than what we were approved for.  As my luck would have it, my car died this weekend & I will need to purchase another one in the next few days.

I'm sure Naca will need to recalculate our approval amount once the new car is added into out debt but I'm wondering if we'll have to be resubmitted to underwriting & start this process all over again. 

Talk about bad timing

-Steph

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Could you possibly purchase a used car for a few thousand dollars or less for cash as not to add to you DTI? Just a temporary solution to purchase a car until house purchase is made then you can always re-sell the car and purchase something else later.

[Anonymous]

ohsosteph if I were you I would rent a car until the you close on the house or find another temporary mode of transportation. The process is already tedious but a change in your debt ration even if the house is cheaper will make you go through the process again. No matter what your counselor tells you DO NOT BUY ANYTHING MAJOR UNTIL YOU CLOSE.  We've been in our homeclose to a year now and though our credit was perfect  the process never adapted to us. Trust me when i tell you....no major purchases until you close or you'll regret it.

[Anonymous]

Thanks for your reply. 

I'm not even close to closing stage - we just found a home we like on Saturday & no offer has been made yet.  I live in metro Atlanta and have a 45 min - 1 hour commute to and from work each day and there's no public transportation.  Renting a car is a short-term option but I have no idea how long it will take before we are at the closing stage.

Sigh.

I spoke with our mortgage counselor this morning & he ran the numbers.  Our debt to income ratio will be fine.  He wants me to write a detailed LOE for the car purchase & he will include this when we submit everything for bank application. 

What ever I decided has to be decided today. 

[Anonymous]

Hey all

I had my first NACA meeting on 1/3/2011 and I gave all of my info.  I had a follow-up meeting on 2/1 and returned what was asked of me.  I did my two volunteer sessions and my counselor told me that he will be sending in mu info for qualification.  Now in doing my DTI he told me that I will be qualified for 70 to 90k.  Now I am very grateful but my issue is that I wanted to purchase a new house and even with a good builder buy down it still will not be enough.  I thought about a foreclosure but due to the fact that I live in Georgia and there are alot of foreclosure issues, I am scared of:

 1.  Having to give my house up due to an illegal foreclosure

2.  Buying a old home that needs major repairs

3.  Moving into s horrible school district with high crime.

I never thought that 70 to 90k was enough to purchase a home.  Has anyone on this tread been qualified for that amount and were you successful in purchasing a home.  Also, what do I expect now that I am in the qualification phase? What is the next step? 

Thanks in advance