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The Official NACA mortgage thread

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susantrexel
Valued Member

Re: The Official NACA mortgage thread

I signed up for a NACA webinar to take place in May. I would be a considered a non-priority member based on my income (my salar only recently increased beyond their limit) however due to student loan debt and lack of significant savings, I am considering NACA. My monthly student loan payment is equivalent to some people's mortgage payments (excess of $1k a month). After paying down other debts  recently, the student loans are the only debt I have now. My DTI is around 21% which I think is considered pretty low. 

 

I know non-priority members are limited to buying properties in lower to moderate income areas which is ok with me for right now.

 

I'm curious how long the process takes? I am looking to buy a house in the fall.

 

I started working on my credit last summer. However, I'm having trouble saving even for the FHA 3.5%(5%). I also have a lot of lates through my student loans (last late payment on any account is now more than 12 months old). 

 

If NACA doesnt work I guess I will save up for a FHA loan. I think I make too much for most grants.

Message 4731 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hello Zab23,

 

I'm curious why you can't wait that long?  The fact of the matter is that you may be waiting that long no matter what because of the pandemic.  It will be weeks before you get that activition code in the mail becuase the IRS has nobody on hand right now to generate and send out the letters with the code.

 

With the money you will save comapred to an FHA loan, it would be well worth the wait too.

 

I'll let some of the others here chime in on why there may be even more market-based resons to be patient, but I suspect that you'll find a pretty large consensus that time is on your side right now.

 

Tim Trumble

Online Operations, NACA

Message 4732 of 4,793
CostantinoA
Established Contributor

Re: The Official NACA mortgage thread

Hello Everyone:

 

My wife and I are looking to build our new home with an estimated move-in date of 12-1-21.  We have had credit challenges in this past but on our way to recovery.  My current stats are in the signature.  I have the first workshop meeting this Saturday.   Does anyone have any feedback on my current stats if I am on track to get a loan from this place? Any advice would be great.

 

Thank you,

 

A

Experian - 695 (4Y1M AA, 33 INQ)
Transunion - 686 (1Y5M AA, 30 INQ)
Equifax - 726 (3Y1M AA, 4 INQ)
Total Credit Lines: $99,387
Message 4733 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

@Anonymous 

I was living with someone as I saved and they were moving out. I did attend the NACA webinar and was scheduled to meet with a counselor 6/22/2020. I uploaded all my documents including the tax transcripts. Then I got a email saying my appt was moved to 6/30/2020. Then I got another email saying it was moved to 7/13/2020. Then I got another email saying it was moved to 7/28/2020 and this morning another email saying its been moved to 11/17/2020. 

 

Each time the reason was I assigned to a new counselor. I went ahead and got pre approved with FHA but I was trying to wait to deal to go through NACA which I knew would save me money but at this rate. I probably wont even talk to anyone until next year. Its discouraging and you cant even get anyone on the phone. 

Message 4734 of 4,793
KBincali
New Contributor

Re: The Official NACA mortgage thread

Hi ZAB23,

 

I'm not with NACA, but did purchase my home with them a little over 2 years ago, so I know what you're going through. Unfortunately, the counselors have probably decided it's too risky for them to go in.

 

Out of curiosity, did you ever ask member services for a remote/phone meeting? I didn't want to wait for the 2 months they told me it would take to see someone in person, so did my whole process over the phone. It was still a pain, but got my house, including my search, in under 6 months from my first seminar visit. Just a thought. 

 

Good luck!

Message 4735 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

@KBincali 

 

The whole process and even the first meeting where they go over the entire process was a webinar online. The housing counsel meeting was supposed to be over the phone too. Thats what they keep rescheduling. I've tried to call and I cant never get anyone so I'm just going off what the emails say, which is I keep being reassigned to different people. 

Message 4736 of 4,793
KBincali
New Contributor

Re: The Official NACA mortgage thread

Wow, sounds like they've really had to make some adjustments! Things always changing. I know they closed the office closest to me about a year ago, there was no one to work it. Sad, it really is a great program if they can get the process tightened up. 

 

Sorry to hear you're having such trouble. Again, best of luck.

Message 4737 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

Hello all!

 

I've got to admit that @KBincali 's statement, " they've really had to make some adjustments" is probably the understatement of the year for us.  We've had to nearly reinvent the whole process thanks to that ugly little virus!

 

@ZAB23, I'm truly sorry to see all of that rescheduling. While there has had to be quite a bit of shuffling around, your case seems pretty extreme.  Reach out to me directly by email with your name and member ID number so I can take a look at things.  I believe they will delete my post if I actually put my email address on here, but I'm pretty easy to find.

 

We were actually in Savannah GA for the first week of a month-long Achieve the Dream tour when the pandemic hit. Atlanta, which was going to be our next stop, got shut down. Then cases started showing up in the next three cities, Raleigh, Charlotte and Baltimore, so we had to cancel the tour and start to hunker down at home like everyone else.

 

Fortunately, NACA is considered an "Essential Service" on two fronts, as a financial service and a community-oriented non-profit.  As such we were able to keep working and have been blessed to not have to lay off or furlough a single person! In fact, we've been hiring! For safety's sake though, all of our local office counselors and admins were directed to work from home until further notice.  Our IT guys did an incredible job of making sure the counselors had everything they needed to work at home while still maintaining our strict cyber-security protocols.

 

In the meantime, we devised a method of conducting all-virtual Achieve the Dream events, which made use of webinars to conduct the Homebuyers' Workshop and videoconferencing for counseling sessions.  We determined if we made it all-hands-on-deck, we could handle about 1,000 people per day.  The down side was that in order to conduct a five day, Thursday through Sunday event, a lot of exisitng appointments would have to be rescheduled.  We rescheduled a very large percentage of existing apppointments to the new ATD events and still had capacity for even more people, many of whom were anticipating the now cancelled live events.

 

Long story short, the virtual ATD events and online workshops have been as big a success as the live ones and will continue on an alternate weekend basis for the foreseeable future.

 

In short, we had to practically reinvent the NACA process in order to keep going, but we continue to approve mortgages and are still closing on homes every day. (The creative ways some of the offices conducted closings to maintain social distancing is another story all by itself!)

 

Just this past week, local office staff started returning to their offices, though the offices remain closed to the public for the time being.  With the large number of spikes in new Covid-19 cases across the country, we're not sure what is going to happen with regard to potential new stay at home orders, so we'll probably keep the offices closed to everyone but staff for awhile.

 

Meanwhile, we are gearing up our advocacy side to take on the large number of illegal evictions that will start happening across the country soon as a result of the pandemic.  We've even got our sights on one corporate landlord who has continued evictions in spite of publicly stating they wouldn't and are prohibited from doing so by the CARES Act as well.

 

Fortunately, we've largely adapted to the "new normal" and abrupt reschedulings should have pretty much come to a halt by now. We've been stressed out like everyone else about the pandemic and how it has disrupted the life of every single person in the country.  We've also lost a couple of staff members to the virus, and that hits everyone here especially hard since we tend to be a very close-knit group in general.

 

Still, nothing is truly "normal" and it's going to be a long time before things get back to anything close. there will be more interuptions, delays and even some reschedulings because of this real-life Twilight Zone episode we're all in. It's going to boil down to what I always preach, that patience and persistence are what's necessary to succeed.  We all need to just stick with it, not give up, and eventually we will come out the other side of this mess.

 

Tim Trumble

Online Operations, NACA

Message 4738 of 4,793
KBincali
New Contributor

Re: The Official NACA mortgage thread

@Anonymous 

 

Hi Tim, 

 

Thanks for the update! Having closed in 2017, I still like hearing how people are doing. Sorry to hear about your loses. 

 

I understand having to adjust to a "new normal". Being one of the displaced hospitality workers in California, looks like i'm going to have to find some new opportunities. Being about an hour south of the Sacramento office now, I might just be looking into those positions! 

 

Thanks again,

 

Karen

Message 4739 of 4,793
Anonymous
Not applicable

Re: The Official NACA mortgage thread

@Anonymous 

 

I'll do just that and attach the rescheduling emails I have received. Thanks for reaching out.

Message 4740 of 4,793
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