The Official NACA mortgage thread

[Anonymous]

Thank you so much for that.  I guess I hope it keeps fluctuating at least until our time passes.

Thanks for sharing your intake experience.  Which office are you working with?  I go for my intake next week and Im so nervous. 

Does your fiance have any old letters from the collection agency?  Have the items been paid?  If they were paid,  only then would I even consider asking the CA for some type of notice that it is closed, otherwise Id be afraid to start them up again.

[Anonymous]

We're working with the Atlanta office.  I was nervous as well for my intake, but it was smoother than I thought.  I really thought we were going to get beat up over all of the problems that we had to address, but I guess since he sees so many cases each day, then he probably has seen worse.

My fiancee has CA that have not been paid.  In order for him to avoid paying them, he has to prove that they are over 2 years old.  He does have some letters from the CA, so I will find those and try to sort them out according to which ones we need to have proof for.  Thank you, I didn't think of that.

[Anonymous]

Yea, Id definitely try to find the old letters, because Im not sure how it works, but calling them might bring the account back current. 

Im going to the NJ office next week, and hope everything goes smoothly. 

I am trying to work with Hervey, because I saw someone else in this thread say that he was very efficient. 

[superdesi]

I'm at the purchase workshop in Newark as I write this. Any recommendations for a real estate agent who knows the NACA process? I'm looking to buy in Long Island.

Thanks.

[Anonymous]

Ooh wow congrats Super Desi. Hopefully I'll be there soon. I have no experience, but the NY/NJ HRA (home resource agency) held the workshop I went to. They are completely familiar with naca and work with them.  Let me know how it works out. http://www.nj-hra.com/what-we-do-c14453.html

[Edited to remove full names, the posting of which is not permitted on the FICO Forums. - Lel]

[superdesi]

Thank you. There were about 7 homebuyers present today. It went very well. Just got home.

[MOMO30]

Hi congrats on the approval can youn please check your inbox

[chasmith]

The closest NACA office should have a list, there might be one on the NACA website.

[Anonymous]

I'm finally Naca approved! Attended the purchase workshop and found I house I'm interested in. Question, I'm a little confused on the next step. I'm working with a realtor I know and just recently signed up to be a Naca approved agent. She has not received much info on the procedure. I was told we must submit the home price including taxes and an insurance quote, prior to making a bid on the home. Is this correct? I would hate to lose out on the home due to the turn around time, waiting to get the go ahead from Naca. I would greatly appreciate any tips, advice and feedback. What was your experience? Thanks in advance!

[chasmith]

This sounds different from my experience.  Once I was approved I did the Buyer's Workshop.  Then got to contract using a Buyers' Agent (like you I had identified an agent who went through NACA's agent seminar).

I submitted a contract, my agent and the selling agent had to submit market analysis (comps) justifying the price.  Normally you would order the inspection by a NACA inspector then (I didn't, I was buyingh new construction).  Your contyract should have an inspection contingency and allow for time needed to close ny NACA - I think at least 45 days.  Remember any "closing help" you negotiate can go to interest rate buydown, be sure that aspect is worded correctly.

Remember, you're approved for a monthly payment, not a mortgage amount.  You need to consider principal, interest, taxes, HOA fees, insurance and the Neighborhood Stabilization Fee of $50.00 when ensuring you won't go over your approved monthly payment.

Once the contract, comps and inspection report are in NACA should review the contract package and forward it (and you) to final loan origination.  Be patient, you'll asnswer a lot of the same questions and provide the same documentation again because this last step involves the lender's underwriting.