The Official NACA mortgage thread

[Anonymous]

Good example Raiderguy8!  Same Idea... Keep it simple.

Tim Trumble

Online Opertions, NACA

ttrumble@naca.com

[Anonymous]

Hi Tim,

I was recently qualified  on 12/6 for much less than I wanted due to a PSS setback in August.  Sep, Oct, Nov, and Dec are right on track however.  At what point can I apply for a larger qualification amount?  Do I have to wait the full 90 days?

[Anonymous]

Hello smack13x,

Missing a month on your Payment Shock Savings resets the clock, so you must indeed wait the full three months before you can be submitted for qualification regardless of amount.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Reading other comments.... So I can still apply for the exact amount of loan I desire? Is that correct? Or are there still stipulations to that?

[Anonymous]

Hello jhatcher30265,

The NACA program does a review of yoru income and obligations to determine how large a monthly mortgage payment you can afford. That in turn determines how iarge a mortgage you can obtain, after factoring in your interest rate, taxes, insurance and any regional limits that may be applicable.

To seek an amount larger than yoru origianl approval, there must be some change in circumstances that will justify a larger amount, such as an increase in income, reduction of debt and buying down your interest rate.

Tim trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

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@Raiderguy8 wrote:

I put this in the November closers thread but wanted to put it here in the NACA thread as encouragement to other NACA members and those interested in NACA.

Purchase Price: $164,900
Signed Contract: 10/21/2016
Location: OH
Property Type: Single Family
Type of Loan: Conventional
Loan Rate: 1.50%
Appraisal: Appraised at purchase price - 11/15/16
Cleared to close: 11/29/2016
Final Walk through: 11/29/2016
Closing Date: 11/30/2016
Closed On: 11/30/2016

No downpayment, no closing costs, no PMI.  Actually got my earnest money deposit back and walked away without paying a dime upfront.  Moving from a three bedroom/one bath rental into a four bedroom/two and a half bath ranch, half acre, and inground pool.  All for just shy of $150 more than I was paying in rent.  Attended the NACA workshop in July of this year, had my first meeting in August, NACA qualified in October and a homeowner in November.  It can be done and NACA is definitely NOT a scam.  You get out of it what are willing to put into it.  I put my heart and soul into this program because I wanted a house and nothing was going to stop me.  You can do it too!

Alan

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Incredible Loan Rate and not a dime upfront?? WHo could believe it. Now if I had only made my rent payments on time (late on 2).. and my landlord wasn't in a rush to sell.

Oh well. At least someone is taking advantage of it ! 

Are you a 15 or a 30 term?

[Raiderguy8]

It is a 30 year term.

[Anonymous]

Hello smarzig,

Hang n there.  The late rent is just a temporary setback.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

[Anonymous]

Hi Tim,

Regarding Multi-Family purchases, I was just curious how NACA determines the expected rental income?  The property I am looking at is a duplex - both units are 3 bedroom 2.5 baths.  My realtor provided a list of all properties (3BR and 2B) that have closed as a rental in the past six months in the town I am looking to purchase.  The range was between $1850-$2650.  So would that mean I should use $2250? Or should I get the true average of all properties?

Thanks again for your insight.

[Anonymous]

Hello smack13x,

I do not know the exact method used to compute the rental amount fo rmulti-unit properties other than it is based on prevailing market rates.

Don't assume ANY number as far as rental income.  Get the figures from yrou counselor.

Tim Trumble

Online Operations, NACA

ttrumble@naca.com