The Official NACA mortgage thread

[Anonymous]

Hello cartwrna,

NACA does not have an office in Iowa.  However you can work through our Chicago office (which has a rep licensed for Iowa) and our remote counseling program.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[cartwrna]

Thank-you so much for your reply, how would I go about getting the ball rolling? This sounds like a wonderful opportunity. Although time is of the essence as we are due with our second little in April and our lease is up in March

[Anonymous]

Hello cartwrna,

Please contact me by email at the address below.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

So my question is for the NACA online guy. I have already attended the NACA workshop and have my first counseling session already scheduled. But I realized at the workshop that I am really not NACA ready. should I reschedule the first session Knowing I will have a task list Longer than a boa constrictor or just go and sit with the counseler and let them tell me the time frame?

[Anonymous]

mammabiglove, the whole point of NACA is to get you ready for home ownership.  So if your situation at this time doesn't allow you to buy a house, they'll keep couseling you unitl you are ready for home ownership.  The length of the counseling period wlll depend on how extensive youir issues are and how long it will take you to solve them.  Ultimately though, the process is what will qualify you for the loan, not yoiur credit score.  You will need patience and be on top of all that's required for you to do.  Start learning organizational skills, because you will need them.

Mike

[Anonymous]

Hello mamabiglove,

Blueleo65's answer was right on the mark. The objective is for NACA to help you get ready for home ownership, no matter how long it may take.  It's only the banks that don't want you to walk in the door before you are ready.

For the sake of protecting your privacy, please email me at the address below adn tell me why you do not think you are ready.  I'll be happy to discuss it with you and advise you on how best to proceed.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Good morning everyone! So these are my stats...

1. about $34k in debt ($10.5k in old auto with on time payments for the last 8months, $22k in new auto debt, no late payments since it's new from September, $1k CC NO late payments for 9months)

2. Salary: about $80k-85k

3. Rent is paid on time but to landlord in cash, she will sign whatever is needed to verify on time payments since no check receipts are available.

4. $6k in savings in bank

Now my questions: what should I start correcting or doing now to make my process as quick and smooth as possible? What do I do about not having cancelled rent receipts?

[Anonymous]

Hello sasha724,

It is impreative you start paying the rent by check each month right away.  Even though we will provide the landlord wiht a Verification of Rental (VOR) form to verify on-time rental payment for the past twelve months, you will need to back it up with copies of cancelled checks and your signed lease.

The more pressing issue may be your monthly payments on your debts.  You will need to have a history of twleve months of on time payments for each account as well as your utilities and other obligations.

Regarding savings, if you know how much of a monthly mortgage payment you desire, start saving the difference between it and your current rent figure (referred to as Payment Shock) every month with out fail.  Be aware to be considered as having saved that amount, the sum total balance of ALL your bank accounts must increase by the Payment Shock amount every month, not just one of your accounts.

Hope that helps!

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Okay, so currently I have a CU that I do majority of my banking with but also a TD account I kno longer use and a new account I opened for the 3.05% for savings. I want to transfer my money from my CU to my new savings account. Is that okay? And should I just close my account with TD style there's no activity?

Also, what about if my lease for $1100 is under my name but my roommate pays the utilities? In that case I wouldn't have 12months of utilities to provide. Thanks!

[Anonymous]

Hello sasha724,

No problem with transferring the funds, and closing the inactive account is a good idea,period.

Utilities are only going to be a requirement if you do not have three active trade lines of "regular" credit.  You mentioned the two auto loans, so that's two of the three right there.  Nearly any monthly obligation can be used as the third line, not just utilities.  Car insurance, cell phone bill, even gym memberships can all be used.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com