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Regular Contributor
Posts: 139
Registered: ‎10-14-2011
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Re: The Official NACA mortgage thread

[ Edited ]

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. 

 

 

 

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Valued Contributor
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Registered: ‎05-26-2010
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Re: The Official NACA mortgage thread

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Regular Contributor
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Registered: ‎10-14-2011
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Re: The Official NACA mortgage thread

We are working with the Lawrence, MA office.    :smileyhappy:

 

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Regular Contributor
Posts: 139
Registered: ‎10-14-2011
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Re: The Official NACA mortgage thread

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. 

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Frequent Contributor
Posts: 486
Registered: ‎02-14-2013
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Re: The Official NACA mortgage thread

Chasmith...

 

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?

Valued Member
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Registered: ‎09-20-2011
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Re: The Official NACA mortgage thread

Dh and I received the increase that we asked for.  Thank goodness!  Now we can attend the Purchase Workshop on Thursday.

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

[ Edited ]

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Posts: 170
Registered: ‎03-25-2013
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Re: The Official NACA mortgage thread

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.


Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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Valued Contributor
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Registered: ‎05-26-2010
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Re: The Official NACA mortgage thread

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Regular Contributor
Posts: 170
Registered: ‎03-25-2013
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Re: The Official NACA mortgage thread

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?


Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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