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The Official NACA mortgage thread

New Member

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. 

Message 3921 of 4,564
New Member

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.

Message 3922 of 4,564
Member

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.
Message 3923 of 4,564
Member

Re: The Official NACA mortgage thread

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

Message 3924 of 4,564
Contributor

Re: The Official NACA mortgage thread

Good luck to you!
_____________________________________
TU: 705 [10/20/10]
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EQ: 705 [10/18/10]
CK: 700 [11/03/10]
Message 3925 of 4,564
Member

Re: The Official NACA mortgage thread

Thanks Super. I guess most people aren't interested in Naca anymore. Smiley Sad
Message 3926 of 4,564
Member

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. 
Message 3927 of 4,564
Established Contributor

Re: The Official NACA mortgage thread

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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Message 3928 of 4,564
Valued Contributor

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. 

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
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Message 3929 of 4,564
New Member

Re: The Official NACA mortgage thread

Where is everyone?

Message 3930 of 4,564