12-09-2012 06:40 AM
With a two year perfect track record of meeting your billsand a high rent, you could probably get a mortgage through NACA in 6 to 8 months. They don't go by scores.
12-09-2012 02:06 PM
Thanks for the info, dont you have to live in an approved area tho?
12-09-2012 04:09 PM
They have 31 offices, many cover whole states or more. There are a lot of misconceptions. NACA is not for lower incomes only, they just have an upper limit (by market area) on the home price.
12-09-2012 04:13 PM
12-09-2012 04:18 PM
You really need to go investigate the program at naca.com. I don't know where you're located, but you can read about it oon their website and then your first step would be to go to a workshop.
In my area (Maryland) the upper limit house prices is around $360K. I paid $278K for my new home. All I needed for closing was the inspection fee and escrows (taxes and insurance). They paid all closing costs and loaned 100% on a 30 year fixed basis. I pay less than I was paying for rent.
12-09-2012 04:25 PM
really???? i am by baton rouge. how much approx did u need to come up with? i have some saved now. i am paying 1100 a month for rent so i know i can afford a house payment. i hate paying someone elses mortgage. i make ok money 60 k a year. i am still paying down collection .y debt is 20 k. zorry typing from phone..
12-09-2012 04:30 PM
Your office would be New Orleans.
I paid about $400 for the inspection, a year's insurance (less than $300) and sic months taxes. So less than $4000 all in. FHA I would have needed over $11000 to close and had a $250/mo PMI payment.
The way they work is if you want a larger payment (principal + interest + insurance + taxes) than your rent you have to show you can save the difference every month.
I really urge you to look at the website and consider going to a workshop.
12-09-2012 05:22 PM
ok i will check it utm thank u. i still mneed to get thek to reemove a collection from this year...