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The Official NACA mortgage thread

Regular Contributor

Re: The Official NACA mortgage thread

Hello wrenegade,


If you are currently paying rent, you only need to save the difference between your rent and your desired mortgage payment ("Paymewnt Shock").  If the Payment Shock amount is small, you will probably be advised to also save an additional $200 per month to build up the reserves you wil be required to have ("Minimum Required Funds") for inspections, initial taxes and insurance, an emergency reserve of one or two months of mortgage payments and other pre-paid items.


Tim Trumble

Online Operations, NACA

Message 4561 of 4,565
Valued Member

Re: The Official NACA mortgage thread

Thank you for your response Tim.


Message 4562 of 4,565
New Visitor

Re: The Official NACA mortgage thread

Good evening. I started this process for 5 years ago. And I stopped it for 5 times over the course of this time. however I find myself needing to move forward. I met on August 25th with my counselor and was told it normally takes 6 months to get qualified. However I have been very persistent and after a two-month period of time met with my counselor yesterday and he is submitting my paperwork on Tuesday for underwriting.

How long does the underwriting process usually last?

I'm debating between new construction and the possibility of buying a home that has been foreclosed on. However the one home that I think I may get into needs repairs. Cosmetic stuff. Nothing structural

Can anyone tell me the pros and cons of finding a home that needs minor repairs painting carpet tile that type of thing.

I look forward to any and all comments.

Message 4563 of 4,565
Established Member

Re: The Official NACA mortgage thread

Hi PMSmath, I can't really speak to pros and cons of doing the repairs. The only thing I can say is that it can be very difficult to find contractors that are willing to work with NACA

I was lucky that my seller was willing to do the required NACA repairs. But when I wanted to do anything else on the recommended but optional list, or a wishlist item such as gas conversion in my kitchen, or new windows, there was nobody to help. NACA/HAND could not provide me with a list of contractors and anybody that I approached said they weren't willing to do it. In order to close I had to give up the optional items or a wishlist. Now I will have to do them myself.

If you are in an area where NACA has a list of contractors willing to work with them then it's probably worth it. Otherwise, there could be major problems. I was afraid of losing the house if I waited any longer. Response time for me has been extremly slow and frustrating.

Best of luck to you!

Message 4564 of 4,565
Established Member

Re: The Official NACA mortgage thread

Checking back in to say I closed yesterday!
1.75%, 30 year fixed, and of course, no down payment, no closing cost, no fees, no PMI! My total mortgage payment is $950, $400 less than I pay for a small one bedroom apt.

My first seminar was in June, I chose the quicker remote appointment in July. I qualified on Sept. 14, took the Purchase seminar Sept. 28. Offer was made and accepted on the second house I liked, a near miracle here in NorCal, even with a contracted 45 day close, which we missed by a week.

I was able to have seller do all NACA required repairs, but gave up on wish list items because of no interest from contractors to work with NACA, and to continue would have delayed closing.

I was so frustrated at times, I wanted to scream, but here I am, a homeowner. I won't complain about it now. Best of luck to all!
Message 4565 of 4,565