04-22-2013 06:56 AM - edited 04-22-2013 12:05 PM
DH and I went to the Homebuyers Workshop this past weekend. So far I still feel positive about trying to go through NACA. The women who ran the workshop was great, she seemed to be very upfront and realistic to everyone about what is expected. There were some people in attendance who had not done a lot of research about it and I imagine will not follow through or will have a really hard time. We will see if we get our ID # this week or if we need to call them to get that ball rolling. I also think the yellow book they give out is full of so much information that if you read it fully can probably help to alleviate some problems that will come up. After reading the book and going to the workshop I think we need to make sure that we devote a good amount of time to working on our budget paperwork to make sure it's really accurate before sitting down with a counselor and also having just about all the required documents uploaded and inhand before we sit down with someone. It's only been one small step but from what I saw I also can totally see myself wanting to volunteer and help so am looking forward to being able to start doing that. I will continue to post here how our journey goes.
04-22-2013 07:19 AM
What NACA office are you working with?
Your approach seems correct, here are some suggestions:
See if you can pay your membership and credit report fee online. When you go to your first meeting, they won't be able to take cash or a credit card. Take a check with you so you can give them the routing and account numbers, they can take an electronic payment that way.
Sometimes the counselors have trouble accessing uploaded documents. I would definitely upload, but also bring the hard copies of all supporting documents.
04-23-2013 07:58 PM
Received an email at 10:00 this morning with our NACA member ID number. At the workshop on Saturday they said we would hopefully get it the beginning of this week and if we didn't to call. I was able to login, create a new password and pay the membership and credit report fee's, and electronically sign the membership & participation agreements. So far so good, I was very impressed to see the email so soon and that it come without my having to call.
05-06-2013 09:11 PM
How did the new construction loan process go? Was already built or did you have it built from the ground up? The reason i am asking is cuz if it was built from the ground up how did the whole process go cuz if i am correct doesnt the contractor get paid after the house is built? Did they not want money up front before they built? I was speaking to a builder and he flat out said that they dont start building until they have at least 100,000 up front. I am just wondering how does that work if the builder wants some kind of payment first?
05-07-2013 09:13 AM - edited 05-07-2013 09:15 AM
I don't think that's going to work unless you can advance the money, but $100K up front seems extreme and I would worry the builder has financial issues.
I put $1,000 down as a lot deposit, and added $14K to bring the deposit to $15K when NACA formally approved the contract. That money all came back to me at closing and was applied to prepaid taxes, and used to buy down my interest rate.
When I signed the lot contract the builder was just pouring footings. This was a set of 7 townhouses, the buuilder's lender had them on a short leash as they needed 5 lot contracts to go beyond the foundation, about the same number of purchase contracts to start framing the group, and then needed an unconditional loan commitment to finish out each unit.
Given that I was able to front the 15K (it came from my funds to close and payment shock savings) there were no problems putting this through NACA.
05-08-2013 10:50 AM
well after doing tons of google searches and looking at reviews (from other forums a lot was negative) and information, I'm taking the plunge. Even after all the negative reviews I found it all seemed to be related more to people not going in understanding that it will/can take time and that you yourself have to be proactive in order to make it work. I've yet to come across anybody who go the loan say it wasn't worth it but it can be a Pain in the @$$. I figure worst case scenario it's only $20 a month. It won't kill me and plus it'll provide me with good budgeting habits so either way it seems worth it. I signed up for my first workshop on 5/18/2013. I'm from Columbia SC for anybody that's interest.
I do have a question. Me and my fiance both will be going to the workshop. Is it required she fill out a seperate sign-up form too?
Also I have $3000 or so saved up but it's in my checkings account instead of my savings. Will it be a problem if I just transfer it to the savings account. Could it possible help shorten the time it takes to get qualified? And I understand about the payment shock and minimum required funds. Will that $3000 factor to the MRF if it's not a problem? My payment shock will be around $400-500 since my rent now is $700 and i'm looking at around $1100-1200.
I would like to go through this program and get a loan as soon as possible but i'm also willing to wait an entire year if need be. So any advice or tips would be helpful. Thanks everybody so glad this community is here and so active.
05-08-2013 10:59 AM
I think it's worth it, but it's $20 a year not $20 a month for membership.
I would transfer the funds you want to show to a savings account now, open a new one if you need to, and never withdraw from it. The $3,000 should count toward MRF.
05-08-2013 11:19 AM
oh really so it's only $20 for the year (that's awesome) and then $50/month for membership if/when you get into your home. correct?
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.