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Regular Contributor
Coreyswife4ever
Posts: 199
Registered: ‎10-31-2008
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Re: The Official NACA mortgage thread

Thanks so much for getting back to me.  So the form only needs to be filled out and they won't call.  If you don't mind me asking, did you have them fill out a form or did you submit documents?  Also, can I submit money order copies because I've given them some money orders?
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brighterday
Posts: 97
Registered: ‎09-17-2008
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Re: The Official NACA mortgage thread

I'm not sure if they call or not.  The form is sent to the landlord by your counselor and must be submitted back to your counselor by the landlord.  I had my landlords fill out the form for me.

I'm not sure what the policy is on money orders.  Your counselor would have to answer that one for you (or one of the more knowledgeable forum members). If they do accept them, they would probably require that you provide proof of the recipient (which the stub/copy wouldn't necc. prove).  I know that you can trace money orders, but I'm not sure if the trace results would include a copy of the money order & the recipient's signature when cashed.  You'd probably also have to show proof of the withdrawal on your bank statements and the corresponding money order receipts.  Again, I'm just speculating what might be required if they did accept it and it already sounds like a lot of work to me. :smileyhappy:

 

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

I would suggest that you write a letter and keep a copy to the landlord each time you want to address an issue with them.  This way you have written documentation.  NACA will advise you to pay your rent with a check.  You never want to pay cash from here on out.  Not only that, even if you went somewhere else and rented, you do not want to pay in cash.

 

Try to have all of your other documents.  My counselor scanned everything in during our session.  There were some additional documents I needed and within 2 days I faxed them in.  I have found that I am responded to a lot quicker if I email my counselor.

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

Teton,

What's your total income and debt?  Do you have 401k/403b you could use to help increase your monthly mortgage.  I thought you were going to pay off your car?  I sold some of my vacation days and paid some bills off using money orders.  Check to see if your employer will let you do this on an emergency basis.  Don't deposit it into the account you are using for verification.

 

I was emailed today to make an appointment to go ahead and come in for meeting to submit for approval.  I am going in on Friday (11/7) to meet with counselor to submit using rent, 403b monthly payment, and small amoount of savings.  This equal to $1100.  However, in January, I will be able to have increase approval for $1550 when I have saved all of the shock payment. 

 

 

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


CruiseLady2008 wrote:

Teton,

What's your total income and debt?  Do you have 401k/403b you could use to help increase your monthly mortgage.  I thought you were going to pay off your car?  I sold some of my vacation days and paid some bills off using money orders.  Check to see if your employer will let you do this on an emergency basis.  Don't deposit it into the account you are using for verification.

 

I was emailed today to make an appointment to go ahead and come in for meeting to submit for approval.  I am going in on Friday (11/7) to meet with counselor to submit using rent, 403b monthly payment, and small amoount of savings.  This equal to $1100.  However, in January, I will be able to have increase approval for $1550 when I have saved all of the shock payment. 

 

 


 My gross income (that they will use for approval) is $4000/mo. I made money teaching summer school this year and I'm teaching two evening courses at the university this semester, but they won't count that because it isn't guaranteed to continue on a regular basis.
My debts are my $339 car loan payment and my $354 student loan payment. I was going to pay off my car, but found out that since it is a lease, it will still be counted in my DTI, even if it is paid off. 
Putting more money down isn't a help. An extra $10k down only lowers my monthly payment about $60. The homes I have looked at would cost me at least $1300 - $1400 a month. Anything costing less I wouldn't want to sink my money into.

 

Regular Contributor
Coreyswife4ever
Posts: 199
Registered: ‎10-31-2008
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Re: The Official NACA mortgage thread

Teton...

 

Wow that's about the same amount a month for me and I want to get a mortgage for around $1200-$1300 a month.  And you are so right, it's hard to fine anything decent for under $150,000 or paying only $1,000 a month in Chicago.  I hope we get approved for at least $1200 a month because we want to purchase in the suburbs (Lansing).

Regular Contributor
Coreyswife4ever
Posts: 199
Registered: ‎10-31-2008
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Re: The Official NACA mortgage thread

I just got my member ID and set my password up.  I go to my counseling on 12/9 at 5pm.  I have a copy of my credit report because right before I went to the workshop I submitted an application for a mortgage and the realtor sent me a copy of my credit report.  So I checked it out and I have some medical bills on there from when I was pregnant and the insurance didn't cover everything.  I have some old bills from over 24 months ago on there and I hope I don't have to clear those up.  I have two items that's 24 months & younger that I know I'll have to pay.  My question is if I have a copy of items in dispute because I don't think their my accounts or because one of the amounts wasn't correct would I have to pay those off.  Also, what money would I need to get the approval.  Do I have to show all of the money required (escrow, earnest money, etc.) or do I only have to have my payment shock in my bank account when I get approved.

 

Any additional help would be helpful.  I'm trying to get myself ready mentally and financially so the process can go a little faster than 3 or 6 months.

Regular Contributor
teton
Posts: 242
Registered: ‎07-23-2008
0

Re: The Official NACA mortgage thread

[ Edited ]

Coreyswife4ever wrote:

Teton...

 

Wow that's about the same amount a month for me and I want to get a mortgage for around $1200-$1300 a month.  And you are so right, it's hard to fine anything decent for under $150,000 or paying only $1,000 a month in Chicago.  I hope we get approved for at least $1200 a month because we want to purchase in the suburbs (Lansing).


 

 

I was told my DTI couldn't be higher than 40%. Bringing your own credit report won't be necessary. They won't use it for your file. They get your reports through their own system.


Message Edited by teton on 11-06-2008 01:51 PM
Contributor
CruiseLady2008
Posts: 89
Registered: ‎03-20-2008
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Re: The Official NACA mortgage thread

Teton,

Did your counselor explain that you and/or seller could buy down interest rate which would allow you more home for your money.  You could take the money you were going to pay off the car and buy down your interest.  Also, are their any government programs you could use with NACA as well.  They allow you to use other programs as well.

 

Don't give up.  I believe that there is always a way if you have faith and don't give up.

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
Regular Contributor
teton
Posts: 242
Registered: ‎07-23-2008
0

Re: The Official NACA mortgage thread


CruiseLady2008 wrote:

Teton,

Did your counselor explain that you and/or seller could buy down interest rate which would allow you more home for your money.  You could take the money you were going to pay off the car and buy down your interest.




I wish all that was needed was a few thousand to buy down the interest rate. If I bought it down to zero, my payments would just squeak in under $1000 a month. Anyone have an extra $42500 lying around???




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