06-22-2012 09:41 AM
You only need to show utility, phone, cable, etc., if you need alternative credit. NACA likes you to have 3 lines of established credit (credit card, car note) and if you don't, NACA will allow you to use utilities and such as alternative credit. If you have 3 trade lines, you should be fine without having to show those utility payments.
06-22-2012 10:30 AM
Thanks walker - I 'm rereading the thread now, and I was wondering if that was the case. This is perfect. I :should: be good to go. The inital meeting here in Charlotte is this saturday, so I will be there with bells on.
07-07-2012 04:20 PM
08-01-2012 09:13 PM - edited 08-01-2012 09:30 PM
Do you have to pay interest on NACA's promissary note? I hear good things about NACA, but nothing about the promissary note you sign with them? Is it like a 2nd? Is it deferred for 30years or do you pay it concurrently?
Does anyone have any insight on this part of their financing?
08-02-2012 04:54 AM
I'm not sure what you mean by "NACA Promissory Note" but I'm in Maryland and things may be different in different states.
I gave the lender (CitiMortgage) a Note and Deed of Trust for the mortgage which carries interest (at a great rate!).
I also gave NACA a lien requiring that the home remain my principal residence, this bears no interest cost and is there to enable NACA to force me to refinance if I move out.