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Regular Contributor
teton
Posts: 242
Registered: ‎07-23-2008
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Re: The Official NACA mortgage thread

I've been watching the interest rates, both what NACA posts on their web site and what I find posted on the Yahoo finance page. Supposedly, NACA is 'at least a percentage point lower' according to one of the presenters at the seminar I went to. Lately, they don't seem that competitive.  Has anyone else noticed that?
Established Member
receivingthepromise
Posts: 18
Registered: ‎07-23-2008
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Re: The Official NACA mortgage thread

SingleWT, I do not have experience with exactly what your going thru but according to the information you just have to show that you are making payments so wage granishments should be ok. Its the same for collection you just have to show that you are making some knid of effort to get it clear so either payment plan, PFD letter, or dispute. You just have to show you are trying.

 

Update for everyone my mortgage consultant (whom I am now in love love love with) resubmitted my file to UW today. He says that becasuse I was able to give him paperwork to back up everything I should be able to get approved without waiting for my October end of month bank statement.

I will keep pray for us all to get approved. Stay strong

Blessed and Highly Favored

Established Member
mochabean22
Posts: 14
Registered: ‎09-28-2008
0

Re: The Official NACA mortgage thread

Quick question: If I am looking to buy a home in AZ, but I live in CA where would I attend the NACA workshops or seek help? Would it be best to try and seek help in AZ or my current resident state?
Regular Contributor
RichRaven
Posts: 239
Registered: ‎08-30-2007
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Re: The Official NACA mortgage thread

  I hope this thread helps everyone in their goal of home ownership. Please keep this thread alive in giving everyone help. Our experiences will live throuout our lifetimes and beyond. Even the slightest biy of advice gives hope....Never forget"each one teach one." We all are willing listeners and the knowledge we recieve here will last for a lifetime. This post will help many and I only ask that you learn and ue it to make your lives better. America was built on trust...trust your fellow man....We are here to help.

Starting Score: 721
Current Score: 799
Goal Score: 800


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Established Member
ludka23
Posts: 20
Registered: ‎07-01-2008
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Re: The Official NACA mortgage thread

I really like this thread and it has helped me a lot. I hope it continues and keep up the good work.
New to the world of credit and you are my guide...My success is yours....You are my teachers.
Contributor
CruiseLady2008
Posts: 89
Registered: ‎03-20-2008
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Re: The Official NACA mortgage thread

Meeting with counselor on Monday, 10/20.  Will let you know how it goes.  I am thinking that I will not be able to qualify until next Nov 2009 due to foreclosure in Nov 2006.  I will let you know what they tell me.
2/12/11 FICO EQ 663
12/09 FICO EQ 646 EX: TU:657 EX 647 (Mortgage broker pulled)
03/08 FICO EX:523 TU:558 EQ:561
Homeowner 2/3/10
Established Member
receivingthepromise
Posts: 18
Registered: ‎07-23-2008
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Re: The Official NACA mortgage thread

Hello Everyone Happy Friday.

I received another kickback from UW, but this time I think I need to be angry. I am really trying to stop myself from getting ugly with Mortgage Consultant. I have been very understanding about him being new and having heavy caseloads sometimes he forgets things.

Well the reason UW kickback this time is to verify two deposit on my bank statement that did not come from employment payroll. This paperwork was sent to him via email on 10/6 along with all the other information on task list. In the email I made a list of what each attached document was for and verbally told him over the phone. It seems I keep giving him the right document but he does not fully read my emails or the documents. I am getting discouraged with him. Would it be wrong to go over his head the the director of this office if this happens again or should I just calm down because I am over reacting?

 

Blessed and Highly Favored

Contributor
CruiseLady2008
Posts: 89
Registered: ‎03-20-2008
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Re: The Official NACA mortgage thread

I had my 1st meeting with mortgage consultant on Monday, 10/20.  It went better than I thought it would.  I thought that I would have to wait another year due to foreclosure in Nov. 2006. 

 

1) I was told to write a statement while I was there explaining about my circumstances, which I did.  I have to show proof that I no longer own the property.  I asked her how would I do this without contacting mortgage company.  She told to go to county deed website and print info off.  I did not think about this.  I was able to complete this today.

2) I was told that I did not have to pay off any of the old collection and COs because they were old.  I will have to pay off the 2 Cap 1 COs because I started paying them to lower my utilization and increase my score.  The counselor told me that I did not have to pay off Cap1 because it was old but since I have started I need to complete paying them off.  I only have 2 more payments, so it is fine with me.

3) I have to send in proof of my voter registration.

4) I was told not to apply for any more credit until I close.

5) I have to show where judgements were closed

6) I have to continue sending in my pay stubs and bank statements until I close.

7) I have to show 3 months of shock payments.  Once I do this, I can go to underwriting.

8) I paid my $30 before I started the session.

 

 

2/12/11 FICO EQ 663
12/09 FICO EQ 646 EX: TU:657 EX 647 (Mortgage broker pulled)
03/08 FICO EX:523 TU:558 EQ:561
Homeowner 2/3/10
New Contributor
SecondChance23
Posts: 54
Registered: ‎06-03-2008
0

Re: The Official NACA mortgage thread


SecondChance23 wrote:

I went to a NACA workshop at the end of July. I met with my counselor the first week of August. I left my meeting with NO task, and my counselor said I would probably be her fastest approval to date. My counselor sent the file to the underwriter the second week of August. The underwriter requested that I send in payment history documents on my student loans. I sent them to her, and I haven't heard so much as a peep since!!! If I don't receive an approval tomorrow, I'm going FHA. To get through the program you have to either A. have an insurmountable amount of patience or B. don’t have any other options. This is what I’ve discovered; NACA is really all about the money. FHA pays them to have workshops, and to counsel people on credit and paying their bills. So every week they hold a workshop for hundreds of people and there are only 5-10 counselors in each office. You have to pay $20 before they will even sit down with you, so just think of all the money they’re making off people who they know don’t have a chance in hell of getting a loan. They just want to get money for counseling people.

My co-worker got approved through their program, attempted to purchase 2 different homes, and after spending hundreds of dollars and not getting through NACA's red tape has just renewed her lease. I walked in the door with NO credit card debt, a documented savings pattern, and every document and then some that they requested and tomorrow is 6 weeks and I'm STILL not approved! Good luck to you...


Just a follow-up to my previous message. I recieved my NACA approval 3 weeks ago (a total of 8 weeks from my first meeting). Hopefully I'll go under contract tomorrow on a new home. I'll give you an update when I get past this step...

07/28/2008: EQ: 588, TU: 586, EX: 583
08/21/2008: EQ: 654, TU: 664, EX: 652
02/10/2009: EQ: 687, TU: ?, EX: 780
Regular Contributor
teton
Posts: 242
Registered: ‎07-23-2008
0

Re: The Official NACA mortgage thread

That's great, SecondChance! I have my first meeting this Thursday.

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