The Official NACA mortgage thread

[Anonymous]

Hello dabrian,

The seller may contribute up to a maximum of ten points which can be used for interest rate buy down.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hello smarzig,

Whether or not the rent situation will be a problem for you is largely up to your landlord.  The landlord will be required to fill out a Verification of Rental form which includes a breakdown of the past twelve months rent. If the landlord says the rent must be paid by the 10th and you paid every month no later than the 10th.  You aren't considered late. You may need a Letter of Explanation since most landlords require rent no later than the 5th, but if the landlord shows no lates and your rent checks support that, you should be okay.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hello dch,

If the settlements are paid in full or have been in an agreed upon payment plan and have been paid on time with documented payments for three to twelve months, you will be okay.

BTW, it would not disqualify you from purchasing through NACA, only delay when you can be qualified.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Holy smokes I didnt know that. He would tell me to wait till "Everyones was in" before I sent it all over.. which is what I did.

TY! This is vital info.

1 more question. Alot of states have a grant/match for first time buyers whre you put in 1 dollar and they match 4 to put towards
closing or DP. Are those funds useable for NACA?

[Anonymous]

Hello smarzig,

While most down payment assistance programs can be used for the interst rate buy down, you will have to consult with your counselor to find out for certain if the one in yoru area is compatible.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Te3030]

How does Naca handle spouses? Only one spouse works and would be on the mortgage, the other spouse does not work, has some credit card debt. Will they count the non working, non borrowing spouses debt?

Also, how long does the whole Naca process take? If you don't have to do payment shock and send all your documents on time.

[Anonymous]

Hello Te3030,

The finaincial picture of all adults in the household must be taken into consideration in the NACA program.  As such, all household debt will be factored in.

The length of time it takes to complete the NACA process can vary dramatically with the individual's circumstances. Other factors beyond Payment Shock and sending in all your documents can affect the timeline.  Some perople make it start to finish in three months, whicle I have seen a few take three years. If thre is such a thing as an "average" it is around six months.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Challenger708]

NACA_Online,
I have a question regarding employment and income. I receive pay increases at both my part time and full time jobs because they're both unionized. Currently at 50k/Full time and 25k/Part time. Will they still consider my part time employment if I've been there 4yrs consistently, no breaks or gaps, and still qualify if I've been at my full time 2.5yrs? If so, what pricing range could I be looking at if I'm making 75k with both? I have a motorcycle loan for $162/month, Student loan for $155/month, child support comes out my full time job check at $233/paycheck and credit cards of which none I carry a balance on....

[Anonymous]

Hello Challenger708,

Based on what you have written, there would be no reason to not include both sources of income.  However, ther are far too many variables in addition to income to even guess at your affordability and how much you will qualify for.  That is strictly the responsibility of your counselor during your intake meeting.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hi Tim,

Please assist me with the below questions:

1.  Can you buy down the interest rate to 0% on the 15 year NACA mortgage? If not what is the lowest you can buy it down to?

2.  Can you buy down the interest rate to 0% on the 30 year NACA mortgage? If not what is the lowest you can buy it down to?

3. If I purchase a house for $400,000 the maximum amount the seller can contribute towards my buy down is $40,000?

Thanks