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The Official NACA mortgage thread

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Member

Re: The Official NACA mortgage thread

I really appreciate this thread.  I have nothing else to add at the moment as I am waiting for my first counceling appt.  NACA being a bit sketchy on the smoothness of the process I look forward to more info as people go through the program.  Whether in this thread or a different one, I am happy to get any info. I can.
I really wasn't aware that it is against the rules to bump/keep a thread alive, and it is a public mortgage forum, no? Seriously bobski, why does it bother you so much? I don't recall you adding any helpful info. to the thread when it was started, but now you just have all sorts of time and energy to post.
Message 31 of 4,696
Valued Member

Re: The Official NACA mortgage thread

Receiving-  I was wondering how you were doing with you loan.  I have my counseling appt. on Oct. 30th.  Getting all my paperwork ready in the mean time.  Please continue to keep us posted! 
eta: Good luck with UW!  

Message Edited by bunny44 on 09-29-2008 06:39 PM
Message 32 of 4,696
Valued Member

Re: The Official NACA mortgage thread

Well spoken Bunny!!  Smiley Happy)
Message 33 of 4,696
Regular Contributor

Re: The Official NACA mortgage thread

   BobSki778 I guess you were wrong about this thread. This forum was created to help everyone and your 1 opinion doesn't speak for the majority. I suggest you keep your personal opinions to yourself and if you don't think this thread is usefull move on. There are many people here that can benefit from other's knowledge and since you have nothing to add please keep your negative opinions to yourself.
   Anyway, I only hope this thread will encourage others to post and share experiences to help everyone understand their options in the home buying process. NACA is only a part of the process but is isolated at the moment within this thread and people that are negative and insensative need not deter others. We're a family here and there are no stupid questions or answers. This post will live on despite the opinion of 1 person that says nothing......Post away:-)

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Message 34 of 4,696
Regular Contributor

Re: The Official NACA mortgage thread

Wow... such hostility. I guess, to an extent, I deserved it since I implied that you were trying to guilt-trip or annoy people. That was not a good choice on my part, and I apologize. NACA is an important program that I myself may use someday.

Some positive suggestions to accomplish your goal of sharing information and encouraging discussion on NACA:
- Ask one of the mods to "sticky" it so that it always appears on the front page of the Mortgage forum.
- Encourage interested readers to "bookmark", "subscribe", or "float" this tread
- Propose topics for discussion or ask specific questions. Maybe even ask a previous poster for a follow up on their situation.

I didn't mean to offend anyone or be "negative". I just think the whole concept of "bumping" a thread that you expect/hope to have consistent activity is pointless and bad "netiquette". If people are really have things to add, they will post and it will naturally show recent activity. If not, the thread will still be there for people to find. If people are really interested in reading it, they'll look through 2 or 3 pages of threads to find it or they will search for it.

I contribute regularly to threads where I have knowledge to share. I have none on NACA, so I didn't post. I do have an opinion on "bumping", which is why I posted after 2 consecutive "bumps" with no content in between, and no pending/open questions. If several people had their own pet threads that they were bumping, we'd have a "bump war" just to keep them all on the front page. "Bumping" just adds "noise" to the forum, no useful content. I can see "bumping" a thread once or twice if you've asked a really important question that you feel simply may have been missed, but consistent "bumping" just doesn't make sense to me.

Honestly, I was just trying to improve the forum and even this thread. I'm not trying to discourage conversation on the topic. If you'll look, my first post on this topic included the suggestion to restate the question(s) to inspire continued discussion. Again, sorry I came off "negative". Go on about your business. I hope that forum members will take whatever good suggestions they can from my comments above.
Message 35 of 4,696
Established Member

Re: The Official NACA mortgage thread

Hello everyone I am here to give an update.

As mentioned before my file went to the UW on 9/24.

I know I had a question about this since it was different from the steps in the book so I asked and here is he answer. File needs to go to UW so that I can be NACA approved for NACA Credit Access. This is something like preapproval only it not from the actual lender, also this does not grantee that you will get a loan. Basically it means that you are highly likely to get the loan because NACA has addressed all of your issues.

Okay now back on topic file is at UW on 9/24. I get a call from mortgage consultant on 9/26 file still with UW but he will be in Boston from 9/28-10/3 wants me to call and check on status during that week. Sure no problem. Call local office on 10/1 to check file advised that UW reviewed on 9/30 but there is no update. It is unknown if I am approved or disapproved and no task listed at this time.

Now it is Monday 10/6 get a call from mortgage consultant he is back and so is my file. UW says I have four things wrong:

1) Utility cost on budget seems too low at $170 per month

2) No amount reserved for spending on clothing each month

3) Took out a pay day loan in august need to show 2 months with no payday loans

4) Bank statement should NSF charges.

Now is time to come up with a solution so here is what we come up with.

1) The budget for utilities is correct reflects what I spend each month so I submit copies of bills for my address for the past year. Good thing I pay online those bills were very easy to access.

2) I don't shop for clothes each month I still have clothes from eight years ago that I wear, but you want funds for that fine put in $20-40 per month I shop at goodwill fashion 2u and the dollar store.

3) Okay payday loan was a stupid idea, but taken out for a reasonable cause(helping my mom). It was paid in full on due date. Write letter explaining why I took it out and that is was paid. Oh yeah I will wait until two months bank statements show no payday loans. This means I will not be submitted back to UW until November (banging Smiley Madmy head against the wall but I will accept my punishment)

4) Lets take a closer look NSF charges were reversed on the same day because they were bank error. Included that statement in letter and point it out to mortgage consultant - I am willing to highlight bank statement if needed.


So that's my update for now looks like I wont have my success story tell December - I am a believer. Until than hope this is useful for those of you getting ready for your first intake meeting have all your paperwork and write up letters advocating for your self on any little thing that can look like a blemish.

My mortgage consultant Schyl Perry ,with the Oakland,CA ofice,has been great. He is new, that is why he did not catch my little slips before they went to the UW or we could have had the letters of explanation in the first time. Hey, we are all human so I can't fault him. He has already made it clear that he thinks I am ready to be a homeowner and have a realistic budget, he is going to advocate on my behave about everything that he has been informed of. I want to be upset that I have to wait another month before I can resubmit to the UW, but I can't be it was my stupid mistake.

I will repost in November when I hear back from UW. I have told mortgage consultant we will resubmit on 11/05/2008. If anyone has question please ask me I will try my best to get you an answer.


Blessed and Highly Favored.

Message 36 of 4,696
Valued Member

Re: The Official NACA mortgage thread

Thanks for the update ReceivingTP!  Sorry to hear about the hickup, but it really doesn't seem like anything that can't be fixed.  I am getting all my stuff ready for my appt. on October 30th.  Please post any other updatesand I wish you Good luck!



Message 37 of 4,696
Established Member

Re: The Official NACA mortgage thread

After being in the process since June I finally walked away and went FHA after being told by loan counselor that it would be tight to close by end of November (end of current lease). I did get some benefit from the process, I stayed on a budget and kept bills paid on time, although, I was doing this before NACA. Had all my paperwork together for FHA because I had already did it for NACA. I don't know if I would recommend them to anybody else because of the length of program.

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Message 38 of 4,696
Regular Contributor

Re: The Official NACA mortgage thread

I wish you luck receivingthepromise my wife and I will start the program at the beginning of Jan. to hopefully complete it by Dec. 09. I have many questions and please feel free to answer no matter how long the explanation because this will help us in our quest. I've been to the website but I feel it's better to get advice from someone who's been through the program. Our credit is pretty good so we hope this will eliminate a lot of hassles in the beginning. My questions are:

1. How long does the entire process take?

2. Is it true that at closing certain monies you would normally be paying at closing will be used to buy down your interest rate?

3.At what point do you start looking, and how long do you have to look once approved?

4.Once you find your home can you negotiate with the seller to help buy down your interest rate?

5. Finally can you give me a detailed overview of the process from beginning to end such as what happenened at initial meeting with counselor to the point you're at now in the process?


I know this is a lot to ask but we're commited to the program and I know your experiences will help us tremendously. We need all the help we can get so please all chime in.

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Message 39 of 4,696
New Visitor

Re: The Official NACA mortgage thread

We attended NACA workshop 02/04/06 working with Jacksonville office in FL  We are on our 6th counselor we are told everything is in line and we are ready to go to underwriters only to find out that the counselor has quit and we have to start over with someone else.  Has anyone work with this office and had similiar problems
Message 40 of 4,696