The Official NACA mortgage thread

[mystikal1]

NACA is a great product, once you get through all the hoops. I closed 6 years ago with fair credit. I learned plenty from NACA and MyFico. I just had to sell that house and I would definitely go through NACA again. I don't know what the time frame is from selling to repurchasing again. Good luck.

[Raiderguy8]

You just can not own a house at the time you close on a house through the NACA program.  You can own one even as you begin the process but you have to no longer own it to finalize the purchase using NACA.

[mystikal1]

Thanks .

[Raiderguy8]

Tim,

Would you please provide current rules regarding buydown from seller's contributions.  In particular, if I want to buy a house that costs 100K, can I offer the seller 105K and ask them to kick in 5% seller's contribution to lower my interest rate?  I read some older posts (2014, 2015) on the NACA boards and I do not believe that it is allowed.  Any confirmation regarding this would be appreciated.

[Anonymous]

Hello Raiderguy8,

You are correct. Raising the sales price to have the additional funds used as a seller's buy down contribution is strictly prohibited. Such an action is essentially an attempt to get around the 7% buyer's contribution limit set by the CFPB's Qualified Mortgage regulations.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hello mystika1,

Once you have purchased a home through the NACA Purchase Program, you may not buy through the program again for three years. So if you closed before August 2013 (which you did), you are eligible to go through NACA again.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Raiderguy8]

Thanks, Tim.  I'm glad I did the research as I was thinking that didn't seem like it was probably allowed.

[dabrian]

From what I've read you can ask for closing cost assistance from the seller which can then be used to buy down the interest rate. Someone please correct me if that is bad info.

[Anonymous]

How I wish I could use NACA to purchase my home.

Unfortunately quite a few times Ipaid my rent late in the last 12 months as I usually waited for my roommates portion to bundle it together
and even a few times forgot mine.. like paid around the 7th or 10 because I just plain ole forgot!

Even tho the landlord said he only wanted to rent by the 10th I don't think that would cut it with NACA.

Also the landlord is in a heated rush to sell but the NJ office was not making appts until november when I talked to them a few
Months back. They are very backed up. Besides the rent thing.. I had everything else in order from what I coudl tell :-(

I have to use SONYMA .. for with there are a ton of closing costs.....

Pay your rent ON TIME!

[Anonymous]

Someone was saying that collections had to be paid in full and I did settlements , will that disqualify me from purchasing through Naca???