Mortgage Loans

[Wovenyarn]

Hello all!

Im excited about going to my first workshop next month.  I see that on the Naca website it only asks for 3 months of bank statements but I've heard that they actually ask to see a year's worth. The reason that I'm asking is because I have some NSFcharges and want to know how much space I need between them to start the ball rolling. Also what happens if I just close that account and move everything to another account that I have with no overdrafts.

Thank you!

[chasmith]

I wouldn't try too hard to "game" the system.  You will be asked for a list of all bank accounts open within a prior period (not sure how long 3 mos vs. one year) whether closed or open.  Leaving one off could be seen as misleading and would really hurt you if discovered.

Yoy'll get specific information at the workshop and can ask questions about your specific issues.  I think the one year of statements may be required for persons who are self-employed.

So if you have NSF entries on your statemnent(s) you'll be asked to provide a letter of explanation, they aren't automatically disqualifying.

[Wovenyarn]

Thank you for your quick reply.  My next question is about my spouse.  We have both been at the same job for 4 years but he just accepted a better job and is starting next month.  Is it true that we will have to wait 6 months due to his new job?

[chasmith]

I'm not sure but as I recall a two year employment history is required, I think the new job is going to depend on the facts - if it's in the same general line of work and a better job, etc. it's probably fine.

Remember to take your patience to NACA.  They aren't going to be fast so if you have great urgency you may need to try other programs.  I found the deal was so good it was worth the 18 months it took from my first workshop to closing (I closed 18 mos after the workshop which was 29 months after my bankruptcy was discharged, so five months after the two uear waiting period for a bankruptcy was completed).

[rasil]

Can I purchase new construction under NACA?  I am looking at new homes in New mexico.

[chasmith]

Yes you can.

You on't do your HAND inspection until construction is completed, and you need to remain qualified during construcion.

[rasil]

Thanks so much.  I will just continue with the process.  Isn't the builder the realtor? This is brand new construction. Can I still obtain a NACA trained realtor as the guidelines state?

[babydoll15]

Hi! Does anyone know if NACA does a verification of deposit (VOD)? I am asking because I know that some banks charge for this, and I am trying to prepare myself for everything that I may have to pay out of pocket. I, also, want to better understand the underwriting process. This will be my first home, and I am hearing different things as to what goes on in underwriting. Please let me know. Thanks!

[tanyamo]

Has anyone heard of or know what the CRM department is and what exactly they do?

[witanga]

Went to the NACA workshop 2 weekends ago, and I was pretty impressed. They have a deal with Bank of America out here where if you buy a bank owned home them you get a .62% interest rate for the 30 year mortgage. I can't wait to start the process.