Re: The Official NACA mortgage thread[ Edited ]
09-25-2012 05:25 AM - edited 09-25-2012 05:29 AM
My deposit was more than I needed at closing so I got a check back... Actually the funds went to buy down the rate further, so I got a 100% loan, minimal costs to close, and an interest rate under 3% on a 30-year fixed basis.
NACA pays everything except inspections, taxes and insurance. Insurance is prepaid for one year (I paid for my policy and provided proof). Taxes are pro-rated depending on your closing date and the dates in your jurisdiction, so if the seller is paid through he end of the year you owe the prepaid portion back to them, and your escrow account will take some advance taxes - where I closed it was six months taxes prepaid.
I found it a little confusing, because on my Good Faith Estimate the lender listed out a lot of costs. At closing those were all marked "paid by lender". I guess I was a little skeptical but NACA really came through and all closing costs except inspections, taxes and insurance (which are escrow items not closing costs) were covered.
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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