06-22-2012 09:41 AM
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.
06-22-2012 10:30 AM
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.
07-07-2012 04:20 PM
08-01-2012 09:13 PM - edited 08-01-2012 09:30 PM
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?
08-02-2012 04:54 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.