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The Official NACA mortgage thread

Regular Contributor

Re: The Official NACA mortgage thread

We are moving along on our NACA journey and wanted to post our timeline so far.  I'm happy to answer any questions I can on our expereince so far and will continue to update as we have news to share.

 

04/20/13 - Spouse and I attended the Hombuyer Workshop

04/23/13 - Received NACA ID # and password.

12/21/13 - Volunteered at a Homebuyer Workshop

12/26/13 - First meeting with Mortgage Counselor.  Weather was bad so she was nice enough to email and offered to do it over the phone which we did.

12/27/13 - Mortgage Counselor emailed first thing in AM, said she had a cancelled 9am appt and would put us in that slot to work on our file which she did.

01/04/14 - Volunteered at a Homebuyer Workshop.

01/07/14 - Follow Up appointment, in person at the NACA office.  Almost had everything done. 

01/08/14 - Follow Up appointment made just for her to work on our file, we didn't need to be there.

01/09/14 - Told we were submitted to underwriting.  Web file still says in counseling but I was told that will change.

01/09/14 - Sumbitted Real Estate Agent contact info to Mortgage Counselor so she can email agent the webinar and get her registered with NACA.  As of this writing the agent has not yet received an email containing the webinar.

 

Our mortgage counselor is leaving today or tomorrow for the big event in DC and will be gone for a week.  Hoping she will be able to get an email out to the real estate agent so she can get registered and that step will be behind us, not a lot of NACA agents in our area.  DH and I lost our house about 3 years ago and this program is the only way we will ever be able to purchase anything again due to the prices in our area so I am determined to do whatever I can to make it work.  I do see us probably having a few issues in underwriting since a couple of our alternative lines of credit are not that strong.  I'm working on getting more as back up and will just do my best to provide whatever they ask for.

 

 

 

 

 

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 4081 of 4,575
Regular Contributor

Re: The Official NACA mortgage thread


ji9 wrote:

We are moving along on our NACA journey and wanted to post our timeline so far.  I'm happy to answer any questions I can on our expereince so far and will continue to update as we have news to share.

 

04/20/13 - Spouse and I attended the Hombuyer Workshop

04/23/13 - Received NACA ID # and password.

12/21/13 - Volunteered at a Homebuyer Workshop

12/26/13 - First meeting with Mortgage Counselor.  Weather was bad so she was nice enough to email and offered to do it over the phone which we did.

12/27/13 - Mortgage Counselor emailed first thing in AM, said she had a cancelled 9am appt and would put us in that slot to work on our file which she did.

01/04/14 - Volunteered at a Homebuyer Workshop.

01/07/14 - Follow Up appointment, in person at the NACA office.  Almost had everything done. 

01/08/14 - Follow Up appointment made just for her to work on our file, we didn't need to be there.

01/09/14 - Told we were submitted to underwriting.  Web file still says in counseling but I was told that will change.

01/09/14 - Sumbitted Real Estate Agent contact info to Mortgage Counselor so she can email agent the webinar and get her registered with NACA.  As of this writing the agent has not yet received an email containing the webinar.

 

Our mortgage counselor is leaving today or tomorrow for the big event in DC and will be gone for a week.  Hoping she will be able to get an email out to the real estate agent so she can get registered and that step will be behind us, not a lot of NACA agents in our area.  DH and I lost our house about 3 years ago and this program is the only way we will ever be able to purchase anything again due to the prices in our area so I am determined to do whatever I can to make it work.  I do see us probably having a few issues in underwriting since a couple of our alternative lines of credit are not that strong.  I'm working on getting more as back up and will just do my best to provide whatever they ask for.

 

 

 

 

 


Good luck with your journey.  Just try to stay positive and keep going no matter what.  You will get there and have your own home. 

Message 4082 of 4,575
Regular Contributor

Re: The Official NACA mortgage thread

Ok, a small update to share: 

 

04/20/13 - Spouse and I attended the Hombuyer Workshop

04/23/13 - Received NACA ID # and password.

12/21/13 - Volunteered at a Homebuyer Workshop

12/26/13 - First meeting with Mortgage Counselor, did over the phone because of bad weather.

12/27/13 - Mortgage Counselor emailed first thing in AM, she had a cancelled 9am appt, put us in that slot to work on our file.

01/04/14 - Volunteered at a Homebuyer Workshop.

01/07/14 - Follow Up appointment, in person at the NACA office.  Almost had everything done. 

01/08/14 - Follow Up appointment made just for her to work on our file, we didn't need to be there.

01/09/14 - Told we were submitted to underwriting.  Web file still says in counseling.

01/09/14 - Sumbitted Real Estate Agent contact info to Mortgage Counselor so she can email agent the webinar and get her registered with NACA.  

01/09/14- MC emailed instruction for Real Estate agent to register so she could be invited to the webinar at the end of the month.

01/10/14 - MC emailed asked us to send in a LOX for a mismatched SS # on my credit report and a copy of my SS Card. - DONE

 


I don't expect to hear much more for the next week from our MC while she is in DC but am grateful that she emailed tonight about the SS # issue.  I'm sure this will be the first on many things we need to address, but am happy that things are moving along at all.  

 

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 4083 of 4,575
Regular Contributor

Re: The Official NACA mortgage thread

For NACA home purchase do me and my spouse both need 3 open trade lines on time for 12 months or is it 3 total combined thanks

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Message 4084 of 4,575
Regular Contributor

Re: The Official NACA mortgage thread

You will EACH need 3 for a total of 6 but they don't have to be things that show up on your credit report, you can use "alternative forms of credit" such as utilities, insurance, etc..  If you go to the www.naca.com web site and click on "NACA Qualification" you will find some tinformation about that.  

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 4085 of 4,575
Regular Contributor

Re: The Official NACA mortgage thread

Thanks  if married does my wife have to be on the loan or can i apply alone. Also does authorized users accounts count for the 3 required trade lines 


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Message 4086 of 4,575
Regular Contributor

Re: The Official NACA mortgage thread

Bump


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Message 4087 of 4,575
New Visitor

Re: The Official NACA mortgage thread

I am brand new to this forum. We have been going through the naca process since October 2012. Just last week our MC informed us that we will be submitted to UW then they had to leave for the big meeting in DC so we have not heard back from UW. In the meantime, can you please recommend the naca agent you used? Can't seem to find an agent. Want to get ready to start looking at houses as soon as we are approved. Thank you.

Message 4088 of 4,575
Regular Contributor

Re: The Official NACA mortgage thread

There are not a lot of agents where we are either.  You can choose any agent you want, they just need to get NACA approved.  We had an agent we used a few years ago when trying to short sale our house and will be using her if/when we get approved through NACA.   I was very upfront with her that it may be a frustrating and difficult process but she's a real go getter and wasn't afraid of NACA.  She's working on getting approved right now and I think is just waiting to take the webinar that is coming up at some point towards the end of January.  We had another agent we met many years ago who we always said we would use if we ever bought another house because we liked her so much but I didn't think she would be the best choice to deal with all NACA may involve.   I based my choice on who I thought could handle all the NACA stuff the best and not give up.  

 

We were also submitted to underwriting just before the big event this week so looks like we have lost a week to that.  Our file does say "anticipated qualification date 02/01/14", I don't think it said that a few days ago so not sure if things are moving along or not.   Our counselor has been great but I will probably shoot her an email on Monday or Tuesday just to make sure we don't get forgotten.  

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 4089 of 4,575
Contributor

Re: The Official NACA mortgage thread

QUESTION.. I'm trying to determine if I would qualify to participate in the NACA program. 

 

I live in Central Ohio. The closest NACA location to me is their Cleveland office (northeastern Ohio).

 

When I search my zip code under the 'Service Area' link on the naca.com site, my county does not show up. Does this mean I wouldn't be able to participate with NACA if I'm looking to buy in my area? 

 

Any help is appreciated. TIA!

Message 4090 of 4,575