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Hello Raiderguy8,
CONGRATULATIONS!!!!!
You are absolute proof That the NACA program does indeed work! The program isn't fast, it isn't easy, nor is it supposed to be, but the results are always worth it for those who are truly committed!
Enjoy your home!
Tim Trumble
Online Operations, NACA
ttrumble@naca.com
Hello jhatcher30265,
There are no minimum or maximum income requirement to use the NACA program, but your income level is only one of several factors used in determining your affordability. Remember that the objective is to determine what you can legitimately afford for a payment each month, and then translate that into a maximum mortgage amount.
The best thing you can do for yoruself right now is to read the Home Buyer's Workbook you received at the workshop cover to cover. It will give you nearly all of the the information you need to proceed smoothly through the process. (And you ARE responsible for knowing what is in the book anyway.)
You will be able to get an idea of just how large a mortgage you will be able to get once you have had your first counseling appointment and we have reviewed all of the factors that will effect your affordable payment amount.
Tim Trumble
Online Operations, NACA
ttrumble@naca.com
Hey jhatcher30265
I believe the single, two, three and four are in regards to how many units are on the property you are trying to purchase. i.e two is for a duplex, three is a triplex and four is a quadplex. For each property type you are required to inhabit one of the units.
Hey Tim!
Question...what is required in a LOE for different names on a credit report?
Hello jhatcher30265,
Jdpb88 is correct. It refers to the number of units on the property such as a single family home, duplex (two unit), triplex (3 unit) and so on, with the limit being a four-plex. (FHA has the same restrictions.) Obviously, with more living units, a property will cost more, and thus a higher purchase limit.
You are allowed to buy up to a four-unit property as long as you live in one of the units for the entire time you have the NACA mortgage.
Tim Trumble
Online Operations, NACA
ttrumble@naca.com
Hello jdpb88,
The best thing to keep in mind is to keep it simple. For example, for John E. Smith:
"Johnny Smith is how I was commonly known for many years."
"J.E. Smith was used on a credit card I kept exclusively for business expenses."
"Smitty Johnson was the name I used during my career as a TV personality."
Ladies frequently have:
"Jane Jones was my maiden name, which I changed upon getting married."
"Jane Jones was my maiden name, which I still use for business purposes."
" Jane Smith was my married name. I returned to using the name Jane Jones after my divorce."
In other words, keep it short, sweet and to the point.
Always address the letter, "To Whom It May Concern" and always phyically sign the LOE.
Pretty simple stuff actually.
Tim Trumble
Online Operations, NACA
ttrumble@naca.com
To Whom lt May Concern,
This letter is an attempt to explain the additional names/name variations shown on my credit report.
My legal name is: xxxx
Variances:
That was sufficient in my case to explain them.