You only need to show utility, phone, cable, etc., if you need alternative credit. NACA likes you to have 3 lines of established credit (credit card, car note) and if you don't, NACA will allow you to use utilities and such as alternative credit. If you have 3 trade lines, you should be fine without having to show those utility payments.
Thanks walker - I 'm rereading the thread now, and I was wondering if that was the case. This is perfect. I :should: be good to go. The inital meeting here in Charlotte is this saturday, so I will be there with bells on.
Do you have to pay interest on NACA's promissary note? I hear good things about NACA, but nothing about the promissary note you sign with them? Is it like a 2nd? Is it deferred for 30years or do you pay it concurrently?
Does anyone have any insight on this part of their financing?
I'm not sure what you mean by "NACA Promissory Note" but I'm in Maryland and things may be different in different states.
I gave the lender (CitiMortgage) a Note and Deed of Trust for the mortgage which carries interest (at a great rate!).
I also gave NACA a lien requiring that the home remain my principal residence, this bears no interest cost and is there to enable NACA to force me to refinance if I move out.