cancel
Showing results for 
Search instead for 
Did you mean: 

The Official NACA mortgage thread

Frequent Contributor

Re: The Official NACA mortgage thread

Is that 50 dollar a month fee still around for new loans? I can't find any info that states that.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Regular Contributor

Re: The Official NACA mortgage thread

Hello Successful11,

 

I'm afraid you did indeed mistunderstand. Your NACA MEMEBERSHIP AGREEMENT and NEIGHBORHOOD STABILIZATION FUND DISCLOSURE documents clearly outline the terms of the NSF payments:

 

"The required NSF membership fee is $50 per month. The total fee depends on the mortgage amount: Participants who have a mortgage less than $100,000 must make monthly payments for five years; mortgages $100,000 to $199,999 require seven and a half years of payments; and mortgages $200,000 and greater, ten years."

 

 

Presuming your mortgage fell between $100,000 and $200,000, the seven and a half years (90 months) was indeed always the case, and on two occastions you signed a document stating you understood that.

 

With regard to the divorce, even if there had been a division of assets, that would not have gotten her name removed from the loan.  While many lenders will now allow a loan assuption by a single partner as part of a modification through what is call "Imminent Default", your income may have been enough to disqualify you from receiving a modification. This generally leaves refinancing as the only way to remove her name. I'm glad you were able to work to an alternative means.

 

If Bank of America keep smessing around with the refund of the NSF overpayment, file a complaint with your state's Attorney General's office.  You might be surprised how quickly they can move when the right fire is lit under them.

 

Best wishes for a happy and healthy baby!

 

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

Regular Contributor

Re: The Official NACA mortgage thread

Hello dabrian,

 

The answer to your question is actually BOTH. Upload the documents a minimum of 72 hours before your appointment. If your counselor checks your file the day before your appointment and sees nothing there, he or she actually has the option of cancelling the appointment based on the presumption that you have changed your mind about using the NACA program. With the immense demand for our services right now, a counselor simply can't afford to waste having someone no-show for an appointment, and can either give it to someone else or use the time to update and complete other members' files.

 

In addition, take the documents with you in case something did not upload properly or was illegible.  One of the best things you can always do during the NACA process is be over-prepared.

 

Tim Trumble

Online Operations, NACA

ttrumble@naca.com

Member

Re: The Official NACA mortgage thread

Tim,

If I have a car loan with less than 10 payments left, will it not be considered against my debt to income ratio like most conventional mortgages?
Regular Contributor

Re: The Official NACA mortgage thread

Hello sammymags,

 

You are correct. Any installment type loan, such as a car loan, that has ten or fewer payments remaining will not be considered in determining yoru budget and affordability.

 

Tim Trumble

Online Operations, NACA

Valued Member

Re: The Official NACA mortgage thread

Today I reserved a spot for the 11/11 workshop here in Detroit, Michigan.  My goal is to actually purchase a home in the Charlotte, NC area next summer. Is that possible since I am taking the MI workshop? Also, I don't have rental history... Will that be an issue and if not, what can be used in the place of rental history?  

 

Thank you for any input!

Regular Contributor

Re: The Official NACA mortgage thread

I was told that you have to be assigned to a NACA office in the state in which you intend to purchase.  Also, you have to be able to save monthly the amount your mortgage payment would be.  It is called a "payment shock".  I'm sure that Tim will tune in and give you more detail though. 


MtgGoal4Me wrote:

Today I reserved a spot for the 11/11 workshop here in Detroit, Michigan.  My goal is to actually purchase a home in the Charlotte, NC area next summer. Is that possible since I am taking the MI workshop? Also, I don't have rental history... Will that be an issue and if not, what can be used in the place of rental history?  

 

Thank you for any input!


 

11-8-15: EQ-594 TU-599 EX-579
11-7-17: EQ-716 TU-722 EX-696
Member

Re: The Official NACA mortgage thread

You have to save monthly what your mortgage amount would be? How would somebody be able to do that and pay monthly rent at the same time?
New Contributor

Re: The Official NACA mortgage thread

You do not need to save them independent of each other.  You just need to show that you are able to save the additional amount of what you would want your mortgage to be compared to your current rent payment.  In my case, my rent was $725 and I did not want to have a mortgage of more than $900 a month.  So I just needed to show each month on my bank statement that I was able to increase my bank balance by $175.  It is called payment shock.  If you cant show that you are able to save that money you would not be able to consistently make the mortgage payment.  My mortgage payment ended up at $873 so my payment shock showed that I was able to afford that mortgage payment.  If you want your mortgage to be less than your current rent payment then this step most likely would not be needed.  Hope that helps.

Regular Contributor

Re: The Official NACA mortgage thread