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New Member
Posts: 4
Registered: ‎06-20-2012
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Re: The Official NACA mortgage thread

SB,

 

You only need to show utility, phone, cable, etc., if you need alternative credit.  NACA likes you to have 3 lines of established credit (credit card, car note) and if you don't, NACA will allow you to use utilities and such as alternative credit.   If you have 3 trade lines, you should be fine without having to show those utility payments. 

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Posts: 6
Registered: ‎05-04-2012
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Re: The Official NACA mortgage thread

Thanks walker - I 'm rereading the thread now, and I was wondering if that was the case.  This is perfect.  I :should: be good to go.  The inital meeting here in Charlotte is this saturday, so I will be there with bells on.

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Posts: 14
Registered: ‎05-31-2012
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Re: The Official NACA mortgage thread

I am volunteering at a workshop this weekend. I may attend the home save one too, just to learn a little about the process.
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Registered: ‎05-31-2012
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Re: The Official NACA mortgage thread

My file was submitted to underwriting today.  Please wish me luck.

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Registered: ‎08-16-2008
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Re: The Official NACA mortgage thread

Good luck to you!
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Registered: ‎05-31-2012
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Re: The Official NACA mortgage thread

Thanks Super. I guess most people aren't interested in Naca anymore. :smileysad:
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Registered: ‎07-04-2012
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Re: The Official NACA mortgage thread

  • Started with NACA in Charlotte, NC in 2008. Like you have had numerous conselors, presently going on the 5th. Hogh turnover? If the program worked the way it was supposed to it would be excellent. If you are going to use them pack your patience. 
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Registered: ‎12-10-2011
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Re: The Official NACA mortgage thread

[ Edited ]

Do you have to pay interest on NACA's promissary note?  I hear good things about NACA, but nothing about the promissary note you sign with them?  Is it like a 2nd?  Is it deferred for 30years or do you pay it concurrently?

 

Does anyone have any insight on this part of their financing?


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Posts: 1,063
Registered: ‎05-26-2010
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Re: The Official NACA mortgage thread

I'm not sure what you mean by "NACA Promissory Note" but I'm in Maryland and things may be different in different states.

 

I gave the lender (CitiMortgage) a Note and Deed of Trust for the mortgage which carries interest (at a great rate!). 

 

I also gave NACA a lien requiring that the home remain my principal residence,  this bears no interest cost and is there to enable NACA to force me to refinance if I move out. 

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Re: The Official NACA mortgage thread

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