No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@greg_the_egg wrote:
Seems like a decent agent should be able to negotiate the 3 percent regardless of what you'll be using it for. It shouldn't matter if the money is for a rate buy-down, closing costs or new lawnmower. Ultimately though, it comes down to if the seller believes that they're also getting the best deal for them. Maybe they feel like they can get better than 97 percent and they're willing to wait.
I totally agree. My agent is doing the bare minimum. All she did was send me the counteroffer with no recommendations. Just said please review. She's not going to fight or negotiate further.
Hello everyone,
I plan on pursuing the NACA program this year, but I’m concerned about how my “rental history” will be verified if I technically never rented before. I have been staying with my parents and was not required to pay rent. However, I do contribute a few hundred dollars each month to help on the bills. There was never a set amount agreed on for me to give, and some months I’m not asked to contribute at all. Otherwise, I do have plenty of money saved up and have been saving at least $1500 each month for the past year. I virtually have no debt since I was planning on applying for a conventional loan this spring, until I learned about this program. Will I be able to get around the rental history?
thanks,
Stephanie
Hello piggyo4,
That $1500 per month you have been saving may wind up serving you very well. The only issue may be how consistent it has been.
You will indeed need to have saved the full mortgage payment each and every month for a minimum of six months before you will be able to be NACA Qualified. The trick is that it must be at least the full amount of the mortage payment each month without fail, not an average over the six month period. The reason being that the bank will never accept a partial mortgage payment. Anything less than the full payment each month will be rejected and is the same as no payment at all. Therefore you have to show that you can in fact make the full mortgage payment each month by saving the full Payment Shock amount each month. (In your case that's 100%, the full mortgage payment amount.)
So if you desired mortgage payment is $1500 or less and you have saved that consistently for six months or more, you may actually be in very good shape! Your NACA counselor will review your bank statements and advise you on your options and how to proceed.
Tim Trumble
Online Operations, NACA
Hello,
New to the forums and planning on buying by new February. Started reading and researching on NACA. Confused about something. I read you need 12 months of good rental history and no late fees(past 30 days). I found a copy of the workbook and there was a form that requested 24 months. Issue is my prior 12 months were not so good. Main reason I moved. Would this hurt me?
Hello kpearce88,
It depends on just how not-so-good those 12 months were. Long story short, we look a the past 24 months, with a focus on the past 12 months. One late during that first twelve months and nothing bad since is generally not going to be a problem. Or if it was a situation that was completely beyond your control, such as a serious illness. In other words, it's going to depend on how bad the situation was and why.
However, that's one of the major reason for the counseling appointment. It's not just taking a loan application. We conduct a review of your financial picture and advise you on what, if anything, needs to be done to improve your situatiuon to show that you are ready for home ownership. So no matter what, keep your appointment with your counselor. He or she will be the one to determine exactly where you stand and how to proceed toward becoming a homeowner.
Tim Trumble
Online Operations, NACA
Hello kpearce88,
There's no such thing as starting too early in the NACA program. Go ahead and get going no matter what!
Tim Trumble
Online Operations,NACA
ttrumble@naca.com