topic Re: (Update 1/3/14) I'M SIGNING ON 1/6/14 - NACA JOURNEY in Mortgage Loans

(update 1/7/14) CLOSING TODAY - NACA JOURNEY

RJA — Tue, 07 Jan 2014 18:27:47 GMT

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 telephone follow-up with mc to verify task list items clear. Then will proceed to underwriter!!

My task list:

Additional addresses on credit report - provide LOE w/dates of residency and why I moved DONE

Additional names on credit report: provide LOE of why additional name - DONE

Bankruptcy: provide LOE for reason of filing and what I've done to prevent in future - DONE

Credit inquiries: provide LOE w/dates, who, what they for and if resulted in debt - DONE (this was easy they were all mortgage related)

Foreclosure: provide LOE for reason and what I've done to prevent in future - DONE

Address mismatch on driver's license: provide proof of correct address with DMV - DONE

Deposits: LOE and back up documentation for all deposits non-payroll related - DONE

Voter registration card : provide proof I'm registered to vote - just waiting for my voter registration card to come in the mail and send in.

Employment verification - get a salary key from theworknumber.com to verify employment and income

My mc told me that once it goes to underwriter I should have the answer as to being qualified within a week. I've already met a NACA approved buyer's agent, so once qualified - I'm good to go.

Re: NACA journey - so far smooth sailing

Anonymous — Sat, 14 Sep 2013 03:36:41 GMT

Grats... but, proof of voter registration? Do you have to be a registered voter to get a loan with them?

Re: NACA journey - so far smooth sailing

toppers555 — Mon, 16 Sep 2013 06:24:54 GMT

@Anonymous wrote:
Grats... but, proof of voter registration? Do you have to be a registered voter to get a loan with them?

yes its a requirement.

NACA Update

RJA — Tue, 08 Oct 2013 21:53:28 GMT

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - given additional task list items

2nd LOE re: bank deposits DONE
LOE re: boyfriend no longer living with me DONE
BK discharge - apparently didn't receive the first time DONE
Salary key - didn't receive the first time DONE
Pay stubs for June & July since don't have direct deposit DONE

I also sent updated bank statement and October paystub

10/8/13 2nd telephone follow-up with mc at 4:00 - can't wait to see status from underwriter - if she sent and if additional documents are needed.

Re: NACA Update

RJA — Wed, 09 Oct 2013 00:50:37 GMT

2nd follow-up appointment with mc - done. She never called me, just emailed that she is resubmitting to underwriter with additional docs provided.

Only item needed was proof of IRS payment for 2012 taxes. Located and emailed within 15 minutes. Hopefully she was still working on my file when I sent it.

She didn't schedule another phone appointment this time. So I hope that means she received it and it's going for review.

I don't have a timeframe other than the 7-10 days she told me for last underwriter review.

Re: NACA Update

Anonymous — Fri, 11 Oct 2013 08:46:11 GMT

Thanks for the update. Please keep updating us.

My supervisor doesn't have the best credit report. She was telling me about NACA. I have personally never heard of that first time home owners program. She stated she's using them because they give the individual a credit repair analyst who helps repair credit then guides the individual along the path to home ownership.

I thought my credit was pretty jacked up but on a whim, I just applied for a FHA loan through Wells Fargo and actually got a better loan deal than going with the SECU first time home owners program.

Re: NACA Update

RJA — Fri, 11 Oct 2013 16:27:45 GMT

Glad to hear

@Anonymous wrote:
Thanks for the update. Please keep updating us.

My supervisor doesn't have the best credit report. She was telling me about NACA. I have personally never heard of that first time home owners program. She stated she's using them because they give the individual a credit repair analyst who helps repair credit then guides the individual along the path to home ownership.

I thought my credit was pretty jacked up but on a whim, I just applied for a FHA loan through Wells Fargo and actually got a better loan deal than going with the SECU first time home owners program.

Its amazing what you find out when just checking to see if you can qualify. That's how I purchased my first home - I wasn't prepared to buy, but couldn't pass it up. Glad to hear you were pre-approved for FHA. I have a preapproval for FHA, but I originally wanted USDA. I'm currenlty going through the process for USDA also. My preapproval for FHA was $185k with $10k down. USDA was $190k. NACA is $223k. (without buying down the interest rate).

NACA is the better deal though. There is no down payment or closing costs. The interest rate is up to 1% lower. You can buy down the interest rate to .059% - using the money that would have went for down payment and closing costs.

There are some fees that are required to pay - which are the prepaid items (appraisal, pre-paid interest, etc.). There is no PMI or MI. What NACA has in place of PMI/MI is a $50.00 fee that goes to help out later if a homebuyer has difficulty paying mortgage. Now the $50.00 is paid by the lenders (Citi or BoA). So basically, the homeowner doesn't pay anything for PMI/MI.

This program is not limited to first time homebuyers. Another great aspect. NACA is not credit score driven, however a homebuyer must have no late payments within the last 12 months, or 24 months if they have BK or foreclosure. They work with each homebuyer to manage their debts BEFORE buying a home. A buyer needs to prove they can afford the payment of the new mortgage.

Re: NACA Update

Anonymous — Mon, 14 Oct 2013 00:04:32 GMT

We closed on our home on Friday. I thought I would share my timeline with you as well. Expect hiccups along the way.

03/05/13 – Discovered NACA
03/09/13 – Attended NACA Workshop
03/15/13 – Received NACA ID
03/25/13 – Intake Appointment
04/30/13 – File sent for qualification
05/16/13 – NACA Qualified
05/30/13 – Attended Homebuyer Workshop
07/15/13 – NACA Qualified at higher amount
08/01/13 – Offer on house accepted
08/22/13 – Loan App Submitted
10/09/13 – Clear To Close
10/11/13 – Closed

The process took 7 months and 2 days however our interest rate is 1.75% and our closing costs were very low. There were a ton of bumps along the way, most of which were not due to NACA but to other parties involved in the process. While my hair may have grayed a bit during the process, I am very pleased with NACA and would recommend them to anyone. If you have any questions please feel free to ask.

Re: NACA Update

RJA — Tue, 15 Oct 2013 21:27:36 GMT

@Anonymous wrote:
We closed on our home on Friday. I thought I would share my timeline with you as well. Expect hiccups along the way.
03/05/13 – Discovered NACA
03/09/13 – Attended NACA Workshop
03/15/13 – Received NACA ID
03/25/13 – Intake Appointment
04/30/13 – File sent for qualification
05/16/13 – NACA Qualified
05/30/13 – Attended Homebuyer Workshop
07/15/13 – NACA Qualified at higher amount
08/01/13 – Offer on house accepted
08/22/13 – Loan App Submitted
10/09/13 – Clear To Close
10/11/13 – Closed

The process took 7 months and 2 days however our interest rate is 1.75% and our closing costs were very low. There were a ton of bumps along the way, most of which were not due to NACA but to other parties involved in the process. While my hair may have grayed a bit during the process, I am very pleased with NACA and would recommend them to anyone. If you have any questions please feel free to ask.

Congratulations on your new home. I am glad you were able to hang on through the process with NACA. It is definitely the best deal out there for a mortgage.

Re: NACA Update

RJA — Tue, 15 Oct 2013 21:45:48 GMT

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - given additional task list items - sent to underwriter for review

10/8/13 second follow up with mc - communication via email - given additional task - 2nd submission to underwriter

10/15/13 new task items from underwriter

Underwriter items:

1. Bank Statement - Wrong Information *** What is the member paying to IRS? BANK STATEMENT IS CORRECT WITH AMOUNT PAID

2. File must go to TNR to request an exception for having a pending debt to the IRS - NOT SURE HOW LONG THIS WILL TAKE ONCE SUBMITTED

3. 2011 tax return - originally told not needed - DONE

4. Lynx budget with the most recent review with member in the space provided; document was not signed - ALREADY SIGNED AT INTAKE APPT.

5. Member to provide signed letter of explanation for the company loans including when was taken out, what they were used for and how much the loan was for; Please provide loan details, amount, rate, monthly payments, due date etc DONE

6. Correct the dependents to match what was filed on the tax returns or provide documentation that the dependents have changed since filing; Application must be consistent with tax returns information - I'M UNABLE TO CORRECT THIS, MC ITEM

7. Member owes taxes in 2012; ask member to provide evidence that they were paid in full; member must request account transcripts to confirm "0" balance owed to IRS- ALREADY PROVIDED PROOF OF PAYMENT AND HAVE ORDERED TRANSCRIPTS FROM IRS

8. Member must participate in at least one activity before qualification and one before home purchase. Counsel member to participate in at least 5 activities per year; This requirement wont stop member's qualification but MC must encourage member to participate in NACA program - HOPING TO ASSIST AT THE OAKLAND DREAM EVENT THIS WEEKEND

I had contacted the online chat to see what to do since I didn't have a follow up appointment with my mc. She does not review files until the appointment, so I would not have any idea of these items needed. My MC is out of the office due to the dream event and won't return until next week sometime. I still don't have a follow up appointment with her.

Looks like I will have to drive the 3 hours to attend the event to get assistance sooner.

Re: NACA Update

RJA — Thu, 17 Oct 2013 21:03:52 GMT

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - given additional task list items - sent to underwriter for review

10/8/13 second follow up with mc - communication via email - given additional task - 2nd submission to underwriter

10/15/13 new task items from underwriter

10/16/13 email from MC with task list items - clarified.

Task Items:

IRS payment plan arrangements - must list tax year for payments - DONE
401(k) loan - LOE explaining date of loan, reason for loan, amount and what the funds were used for, including copy of 401(k) statement - DONE
Tax transcripts for 2011 and 2012 - have ordered online, however I have questions as to how to get originals that do not come through me to my MC. I thought NACA only received items via email, fax or uploading to webfile. Not sure how to proceed until I talk to my MC. If anyone has any advice please answer. Thanks.

Richarell

Re: NACA Update

RJA — Mon, 21 Oct 2013 19:45:48 GMT

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - given additional task list items - sent to underwriter for review

10/8/13 second follow up with mc - communication via email - given additional task - 2nd submission to underwriter

10/15/13 new task items from underwriter

10/16/13 email from MC with task list items - clarified.

10/19/13 volunteered at Oakland Dream Event

10/19/13 met with MC and informed that have been submitted to underwriter - 3rd submission to underwriter

Task list - Completed all items:

10/18/13 Provided IRS account and return transcripts for 2011 & 2012. (Needed the 2012 account transcript to verify no balance owed)

I am now waiting to hear back from underwriter - per MC should hear back within the next week.

Yes!!!! I'm finally NACA qualified!!!!

RJA — Wed, 30 Oct 2013 01:52:24 GMT

Received an email from my MC today that I'm NACA qualified and to attend the puchase workshop on Thursday!!! I am so excited I can start looking for my new home.

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - given additional task list items - sent to underwriter for review

10/8/13 second follow up with mc - communication via email - given additional task - 2nd submission to underwriter

10/15/13 new task items from underwriter

10/16/13 email from MC with task list items - clarified.

10/19/13 volunteered at Oakland Dream Event

10/19/13 met with MC and informed that have been submitted to underwriter - 3rd submission to underwriter

10/25/13 MC sent additional information requested from underwriter

10/29/13 NACA QUALIFIED!!

Re: NACA journey - I'm NACA qualified!!

bill31 — Wed, 30 Oct 2013 03:57:49 GMT

.?
I have a counselor apt. next month I did went thru foreclosure and bankruptcy and it looks like you did too. How long after those events did you get aprooved?

Thank you in advance

Re: NACA journey - I'm NACA qualified!!

RJA — Wed, 30 Oct 2013 14:47:46 GMT

@bill31 wrote:
.?
I have a counselor apt. next month I did went thru foreclosure and bankruptcy and it looks like you did too. How long after those events did you get aprooved?

Thank you in advance

Hello Bill31,

My bk was discharged 10/12/10 and my foreclosure finalized 5/13/11. With a bk and foreclosure you will need 24 months of positive history (from the latest event) on at least 3 tradelines. NACA requires a lot of letters of explanation - so be prepared.

In preparation for your counseling appointment next month, bring these items (and upload to your webfile):

Copy of Trustees Deed Upon Sale and Letter of Explanation for the reason why the property was foreclosed and what you have done to prevent it from happening
again.
Letter of explanation for the reason why bankruptcy was filed and what you have done to prevent it from happening in the future and a copy of the discharge of bankruptcy.
Voter registration card
Review your credit report and if there are any addresses listed other than your current address, type a letter of explanation listing your current address and explain any address that does not match rental history.
If your credit report shows additional names other than the one provided to NACA, provide letter of explanation.
If you have taken any company loans against your 401k, Please provide a letter of explanation made out "To Whom it May Concern" signed and dated. The letter needs to be a stand alone letter please do not include it with several other explanations. Explain when you received your 401k loan, how much you received and what the funds were used for. Include a copy of your 401k statement.
If you have an installment agreement with IRS, provide a copy of the payment plan arrangements with IRS
If you owed IRS for either of the past 2 filing years, provide proof of payment (if not in an installment agreement)
Credit inquiries - Provide a letter of explanation addressing all Credit Inquiries including NACA's for the past 120 days. The letter must list each Creditor's Name and date, the reason for each inquiry and indicate if the inquiry resulted in a new line of credit; if so, provide the most recent bill and complete 6 months of on time payment or proof that paid in full.

Hopefully this helps you to get through the process faster. It was two months from my first workshop to being NACA qualified.

NACA qualified!!

RJA — Fri, 01 Nov 2013 05:04:23 GMT

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - sent to underwriter for review

10/8/13 second follow up with mc - 2nd submission to underwriter

10/15/13 new task items from underwriter

10/16/13 email from MC with task list items - clarified.

10/19/13 volunteered at Oakland Dream Event

10/19/13 met with MC - 3rd submission to underwriter

10/25/13 MC sent additional information requested from underwriter

10/29/13 NACA QUALIFIED

10/31/13 attended purchase workshop

11/01/13 submitting bid on HUD home (exclusive bid ends 11/2/13)

I really hope my bid is accepted and on my way to owning a home!!

OFFER ACCEPTED!!

RJA — Sun, 03 Nov 2013 18:17:15 GMT

I am so excited. I was originally going to bid on a HUD home. There was another home that came on market $5k lower. This home is move in ready, although smaller than the HUD home. After viewing the home, I fell in love with it - my son is ready to move in now - he loves it so much.

I offered asking price with $3k seller credit to buy down interest rate/or repairs. Seller accepted offer within 2 hours!! They agreed to a 45 day closing too - NACA requirement. I hope to be in my new home by Christmas!!

$210k

2283 sq. ft.

4 bedroom, 3 bathroom

3 car garage

Lot size: .19 acre (8276 sq.ft.)

I have to say that my NACA journey has been a pleasure so far. I am just over two months so far in the NACA process and hope to be completed at just under 4 months total. I was prepared for this to be a long and tedious journey, but it hasn't. My mc is AWESOME!!! She may be overworked, but she has always responded to every request within a day or sooner. My emails to the NACA real estate division has been just as great.

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - sent to underwriter for review

10/8/13 second follow up with mc - 2nd submission to underwriter

10/15/13 new task items from underwriter

10/16/13 email from MC with task list items - clarified.

10/19/13 volunteered at Oakland Dream Event

10/19/13 met with MC - 3rd submission to underwriter

10/25/13 MC sent additional information requested from underwriter

10/29/13 NACA QUALIFIED

10/31/13 attended purchase workshop

11/2/13 viewed home and submitted offer - offer accepted

Re: OFFER ACCEPTED!!

toi34 — Sun, 03 Nov 2013 19:47:02 GMT

RJA~

I am working with the NACA Oakland office too. Glad to read about your successes! What city did you find your home in...that's a great price for the square footage. I ave been pre-qualified for $280,000, but am hard pressed to find anything move-in ready and decent in that price range. I'm looking in Hayward mostly, but am open to other cities in the immediate Bay Area -- not Stockton, Sacramento, or Antioch.

Re: SO EXCITED!!!! MY OFFER WAS ACCEPTED!!! - Naca home buying jourmey.

Anonymous — Sun, 03 Nov 2013 20:19:00 GMT

Is NACA only available in California? I live in Washington and was wondering if there is anything like that here? Thanks

Re: SO EXCITED!!!! MY OFFER WAS ACCEPTED!!! - Naca home buying jourmey.

RJA — Sun, 03 Nov 2013 22:03:45 GMT

@Anonymous wrote:
Is NACA only available in California? I live in Washington and was wondering if there is anything like that here? Thanks

I believe NACA is Natiowide. If you don't live near an office they do remote counseling. Information at naca.com