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...
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.