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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

They dig with the information you give them to dig with. Who you are currently dating is none of their business. Some things are better left unsaid.  I'm just being real. Husband sure, but boyfriend.  UH NUH! I'll be damned if something that's going on in his world holds me up from getting my house.  My stubs, my bill receipts, my letter of explanations, MY HOUSE. Treat them all like college roomates. Here today unsure of tomorrow and unable to get their personal business/information. If you choose to divulge such information I would attach a letter of explanation (when requested) that person a,b and c live with you now but will not have an interest in the house you are currently purchasing.  When they ask you what bills you pay in your apartment answer the question being asked of you without additional details or information.  Details just complicate things. Continue to pay those bills throughout the process. Don't say you pay for lights and then half way through the process make a payment to the water company. Pay what's in your name. Believe me when I say less is best. There seems to be many hands in the pot and they all take a brief review at your paperwork to understand your situation. Everytime a question comes up. The process is put on hold until your next meeting so you can write a letter to explain what's going on. 



Message 4621 of 4,696
New Visitor

Re: The Official NACA mortgage thread

While I agree with ,most of what is said there are a few issues.  NACA will ask you for ALL adults living in the household. You have to be honest here.  They will then require ionformation from them.  Even if they are a tentant.


If they pay you a portion of the rent then document it.  Give them a receipt. Make a separate deposit. So you can show where extra funds come from.  Keep copies of the deposit slips with NOTHING ELSE depostited at that time.


I went through this my girlfriend.  She was not happy about it.

Message 4622 of 4,696
Established Contributor

Re: The Official NACA mortgage thread

What are the income limits ? How do they determine how much home you can afford ? What are their dti requirements ? Are there payment shock limits ?

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 4623 of 4,696
Regular Contributor

Re: The Official NACA mortgage thread

Hello stinastina,


While the NACA program is designed to help low and moderate income buyers achieve homeowenrship through a genuinely affordable mortage, there are no income limits, either high or low.


While it is only one of several possibile limiting factors we look at, we allow a housing-to-income ratio of 31% of gross income, and a total debt-to-income ratio of 40%.


Payment Shock is the differencebetween yoru current rent payment and yoru desired mortgage payment, if the desired mortgage payment is higher than your rent. It is only limited by your maximum affordable payment amount. In other words, you cannot save additional Payment Shock to qualify for a payment that exceeds the HTI and DTI limits.


I strongly suggest your register for a NACA Homebuyer workshop in your area to learn all the details of the program. To locate and register for a workshop, please go to and enter your Zip Code where indicated to find a workshop near you.


Tim Trumble

Online Operations, NACA

Message 4624 of 4,696
New Member

Re: The Official NACA mortgage thread

Hello All,


Im new to this thread as well as the FICO Forums board and am beginning my process with NACA. I attended my workshop in Los Angeles, CA in October 2018, but my divorce was not final until January 3rd, 2019, and so I did hold off on beginning to submit documents and schedule an initial appointment with a counselor til now. As many are aware, home prices have skyrocketed, especially in the Los Angeles area market, and so now as a newly single mother, I truly feel the only way to achieve homeownership is through the NACA program. I have done my research and honestly, this is the best mortgage on earth and I am ready to begin my journey. I contacted the LA office and was told to come in and see a counselor since an appointment was not immediately schedule for me. Is this correct? I will keep everyone posted on my journey. Smiley Happy

Message 4625 of 4,696
Regular Contributor

Re: The Official NACA mortgage thread

Hello tiajanae,


Southern California is very defintiely a tough real estate market right now. In fact, most of California is dealing with inflated prices. The San Francisco Bay and Sacramento areas are even worse than LA at the moment.  We're happy you are allowing us to help you establish the next phase of your life.


I'm a little confused by your statement "I contacted the LA office and was told to come in and see a counselor since an appointment was not immediately schedule for me".  The demand at the LA office is so huge that an appointment must be scheduled two to three months in advance. The counselors' schedules are usually that full.  That being said, NACA's national policy is that any member who walks into a local office and wishes to be seen by a counselor will be seen that day.  You may be waiting all day though for a counselor to become avaialble, and it may not be your own counselor.


What really has me scratching my head is that the typical response to your call would be to schedule you for the first open appointment, but also place you on a list of members who are available to come in on short notice if a member cancels their appointment or is a no-show. This way, you have a specific appointment scheduled, but have the opportunity to possibly get in sooner.


Let me suggest you call NACA Member Services at 425-825-6222 anytime Monday-Friday 8:30 am - 5:30 pm Eastern Time (5:30 am - 2:30 pm Pacific Time) to perhaps get some clarification on the situation.


I wish you the best on your journey to home ownership!


Tim Trumble

Online Operations, NACA


Message 4626 of 4,696
Regular Contributor

Re: Naca interest rate lock in

Hello dawsonmel,


Fantastic advice!  Absolutely on the mark!  Thank you for sharing the wisdom gained from your experience.


With regard to documents, one of the most successful practices I have seen is for a member to obtain a three-ring binder (just go ahead and get the 3" wide one), a box of sheet protectors, and organize every single document in there. Keep it with you at all times, and always take it with you to every single appointment!


Some people also keep copies on a flash drive so something can be sent in electroinc form at a moments notice. (Keep in mind though that for security purposes, NACA computers cannot access infomration from any external source such as a flasch drive, CD-ROM, external hard drive, etc.)


Most people don't realize that not only will they be asked to submit documetns more than once, but it actually extremely commonplace in the mortgage industry as a whole. So the best thing you can do is be prepared for it!


Thanks for the suggestion about the coffee and cookies (or doughnuts, or cupcakes, etc.). It will be more appreciated than you know!


The process defintiely involves time and effort on everyone's part and working together, especially when there are bumps in the road, will always get the keys to your new home in your hand as soon as possible.


Tim Trumble

Online Operations, NACA

Message 4627 of 4,696
Regular Contributor

Re: The Official NACA mortgage thread

PMSMath is correct, the NACA program requires full financial information from all persons 21 and older who will be living in the home.


The simple fact of the matter is that no matter what you say or do, the financial situation of each person in a given household affects the entire household.  For example, if "Roommate B" doesn't come up with their share of the rent on time, you're still on the hook with the landlord for the full amount. You can't just say that so-and-so didn't have their share so we're only giving you three-quarters of the rent this month. Everybody gets evicted if the full amount doesn't get paid on time.


Likewise, it's not uncommon for boyfriends/girlfriends/family members to help each other out with bills, expenses and so on during tough times.  This affects everyone in the household and there's no getting around it.


In short, full disclosure is not just a requirement of the program, it's actually common sense.


Tim Trumble

Online Operations, NACA

Message 4628 of 4,696
New Member

Re: The Official NACA mortgage thread

Thanks Tim for the advice. I contacted Member Services' national line and she was able to send an email to the office to request they schedule me an appointment. She actually showed there was some openings towards the end of this month available and that they will send me an email confirmation directly with the date and time of my appointment.  Smiley Happy


Message 4629 of 4,696
New Contributor

Re: The Official NACA mortgage thread

Just wanted to put the info out there, if no one has mentioned it, that you can do the process remotely. Being in the SF Bay Area, I know how hard it can be! Our Oakland office was sorely undermanned and it would have been months of waiting. I was able to get started with someone on the East Coast, over the phone, almost right away. So glad I did! Just celebrated a year in my home!
Message 4630 of 4,696