The Official NACA mortgage thread

[Anonymous]

Hello Mr. Shaham,

Thank you so much for your kind words about our colleague and friend, Chris Lee, who ran our Springfiled MA office. Chirs spent his entire life fighting to make life better for others.  Prior to beginning his long career with NACA, he worked with the legendary Cesar Chavez and the United Farm Workers organization.  Chris and Bruce Marks, our founder, had been friends for more than 25 years.

Mr. Marks noted that Chris had also run our Lawrence MA office where more than 2300 mortgages were closed for low and moderate income families, and that Chris' efforts had literally transformed Lawrence.

Chris' 18 year old son said that his father was happiest when at NACA helping people. 

The sudden loss of Chris Lee sent shockwaves through this organization. Mr. Marks wrote, "This is a devastating loss for his family and all of us who have known him.  We are all trying to process this.  It is hard.  He will be truly missed.  Our hearts and prayers are with his family and all of his friends and co-workers.  What I feel right now is so hard to put into words.  I focus on what Chris has given all of us.  We stand on his shoulders as we move NACA forward.  Our fight will continue to be Chris’ fight.  He will always be with us and on our minds."

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hello txbusted,

The 12-month rule does indeed apply to all your monthly obligations, including utilities.

Unless you can prove that the late payments were beyond your control, I'm afraid they will set you back. You must be current on all obligations for 12 consecutive months before you can be NACA qualified.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[txbusted]

Wow. I am glad I asked before going thru that whole process. 

I now understand why people can feel mislead about the program. From your packet it seems like NACA is more concerned with things that show up on the credit report and current rent. I have a feeling that had I not asked about this now I would not have found out for a few months or maybe longer. 

[Anonymous]

Hello txbusted,

I'm not sure why you think it is somehow misleading.  We do indeed focus on your current financial situation, especially your ability to make sure your present obligations are met in a timely fashion, not just the rent.  This is all clearly explained in the initial workshop and in the Home Buyer's Workbook given to everyone at the workshop.

Budget management is one of the key factors in showing that your are ready for home ownership, and is a core element of the NACA counseling process.  Just keep on top of the bills for 12 consecutive months and we can get you moving forward toward home ownership.

If for some reason you may be struggling with personal financial management, you may want to look into a class such as Dave Ramsey's Financial Peace University.  While we have no official connection with Mr. Ramsey or his organization, his program is extremely compatible with the NACA Purchase Program.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Meeza24]

Im so excited to be starting my NACA journey to home ownership! I had my workshop last Saturday and will have my intake appointment in 2 weeks. I live in Orlando but will be working with the Jacksonville office. The office manager was our presenter last week and she made defintely restored my faith in the NACA process. I sent her an email immediatley after and requested her as my MC. I had some initial reservations as most people do about the program because there is more negative than positive information out there. But after going through the FHA workshops and realizing I would be stressing about having down payment and closing costs I realized NACA is truly for me. I also found out a friend of mine is a NACA certified Realtor and she put me at ease as well. I think the biggest advantage for me is that I WANT to buy a house. I dont NEED to. So Im in no rush. I just renewed my lease so I have 13 months to get qualified and even still I have a awesome outclause on my lease where it wont break the bank if I need to move out. I've already started paying down balances on credit cards but what really frustrates me is all of a sudden 2 collection accounts popped up on my credit report. Tried my hardest to do a PFD but they wouldnt budge so I settled both and just waiting on the confirmation letters to upload to my NACA file.

Question for anyone who might know. How do I find out what the maximum purchase price is in my area? Im researching property taxes but I want to make sure Im looking at the right areas. Also while going through the qualification process will it count against me if my credit limits are increased? I paid 2 cards to a zero balance and I logged into my accounts and they both increased my limits. I however havent charged anything on them since paying them off.

Im so completely excited and cant wait to journal my experience. Here is my timeline so far:

February 6: NACA Homebuying Workshop/Intake appointment set

February 8: Webfile Login received
February 26: Intake Appointment

[Anonymous]

Hello Meeza24,

We love your attitude about the program. The NACA process is not meant to be fast or easy, so your apporach is ideal.

The maximum purchase price for the Orlando area is $257,450 for a single family home. Regional limits can be found by entering your Zip Code where indicated on the Purchase page on the NACA website, www.naca.com.

An increase on credit limits on accounts will not affect your qualification, only the amount you actually owe. In other words, it's not how big a carrot they dangle in front of you, but how big a bite you take.

We invite you to join our NACA Forum, which is an online community of other NACA members sharing experiences and information, as well as a very good place to ask questions about the program. The forum is at http://forums.naca.com.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[memee1978]

Good morning.Conserning credit card statements,how does NACA treat authorized user accounts? When a credit card is in your name you can easily access your statements,however as an authorized user,you are not responsible for the bill and thus have no access to their statement.Thanks in advance. Great forum.

[Anonymous]

Hello memee1978,

Accounts on which you are an authorized user but do not show up on yrou credit file must be reported in detail.  You will need to write a Letter of Explanation describing the situation, including why you are an authorized user, how much of the present balance is yours and how much you are paying monthly.  The actual account holder will need to wite a similar letter to verify this.  You will also need to show onyoru checking account statements where you have been making your payments and how much, plus you will need at least the most recent copy of the account statement from the primary account holder.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hey Tim!

I just signed up for a workshop in March, but now I'm wondering if I should wait a little longer. I'm not ready to buy yet, and I won't be until probably the end of the year. First, there is an auto loan (cosigned) that I plan on having paid off this summer. I'm dumping all of my money into that right now. The person who has the truck is still making payments, and they will for a couple of years, but I'm putting a lot up front to simply get rid of the loan on my credit. I won't qualify for much of a mortgage as long as that auto loan is still open.

I pay $200 a month in rent, so I'm expecting my payment shock to be almost the whole house payment. I won't be able to do that until I'm done dumping money into the auto loan.

Should I put off starting the process until I'm done with the auto loan, or just go ahead and get in the system?

Thanks