The Official NACA mortgage thread

[Anonymous]

Hello Raiderguy8,

I'm sorry, but your reasoning is way off.  You are thinking in terms of pay cycles instead of monthly statement and billing cycles. I am not going to engage in a debate here, but you are going to have to sit down with your counselor and adjust your thinking.  The system does in fact work and the more than 50,000 families who are homeowners through the NACA program prove that on a daily basis.  I promise you that you aren't the exception, and that you just need to adjust your thinking about budgeting and cash flow.  Your counsleor will help you understand.  If that's not enough, books like Dave Ramsey's "Total Money Makeover" may help.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Raiderguy8]

I am not asking for a debate but answers.  I do not have a counselor to ask these questions as my workshop date is not until the 16th.  I think my second post clearly dealt with monthly statement and billing cycles but I do not see any way around that balance decline one out of every three months through no fault of mine but based upon how the calendar falls.  I am hardly the only person to go through the program who gets paid every other week so I am confident there is a way to handle this and was just hoping for some insight.  Thanks for your responses.

[Anonymous]

Tim  & NACA you are excellent. Can someone tell me what NACA underwriters consider a "late" rental payment?

Other lenders are telling me 30 days. What say you

[Anonymous]

Hello smarzig,

Our definition is going to be based more on how your landlord defines it.  Most landlords will give you a five-day window from the due date (typically the first) before it is considered late and a late notice is issued and/or late fee is charged.

As part of the normal process, NACA sends yoru landlord a "verification of Rental" form that asks yor landlord to chronicle yor rental history for the past 12 months.  If you were late by their definition and they note it on the form, you are going to be considered late on the rent unless you can prove a legitimate mitigating factor such as a dispute with the landlord over repatirs and so on.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hi Tim,

I am being considered for a job with another company that is a: 1. Career promotion (senior-level) on what I'm currently doing; 2. Pay increase; 3. Switch from contractor to working directly for the company. Will switching jobs months before my desired NACA qualification date cause a delay/impact (even though it's an improvement on my current situation)? I know the NACA income criteria states: "Having worked at the same job is not required because many low-and-moderate income workers change jobs due to the nature of their work or their attempts to improve their situations." I just want verification on this rule and if it applies to my situation.

I had posted before on my car accident on May 31st causing me to purchase another vehicle. I wondered if these two recent issues (new car and job) would cause a delay. Thanks so much.

[Anonymous]

Hello LunaDC-

Congratulations on the promotion! It's great news for you all the way around.  Of course the rule applies to you! The same section of the Home Buyer's workbooks says you may not have any gaps in employment of more than 30 days, so don't take a long vacation before starting the new job, no matter how well deserved it probably is!

I can't really speak to the new car purchase. Your conselor will have to review the specifics of the situation. The circumstances may allow him/her to seek an exemption to the 12-month payment history rule and of course the payments will likely affect your affordability. You'll just have to follow your counselor's lead on those items.

Tim Trumble

Online operations, NACA

ttrumble@naca.com

[Anonymous]

Does anyone here know how Naca feels about temp employees through staffing agency on the same job and assignment for almost 2 years?

[dangcredit]

  Just thought I can assist from what I think I understood just from the between you and NACA... I understand what you mean with having 3 paychecks, but at the end of your statement period make sure those extra funds from the 3rd paycheck are not showing on the statement ending period but also make sure the amount that does show up on the statement ending period is X amont of dollars more than your previous month's balance.

  If in March your balance was say $500 and by April (when you have the extra pay check) your have say $1000 before your statement ending period, take out $400 and leave $600 for your statement ending period for April. You still have have the cash for your bills and also have $100 more than March.

If this is wrong (I dont know the full NACA process) correct it or ignore.

[dabrian]

Do you have to be a first time homeowner to use NACA? Hoping to sell my home in the next six months or so and was interested in the program for my next home.
Thanks