The Official NACA mortgage thread

[Anonymous]

Hello Newbie2018,

Any grant money that you receive for interest reat buydown IS considered YOUR MONEY and would be combined with any funds you have saved and any gifts you may have received for the buydown process.  Any of YOUR MONEY over seven points (7% of the loan amount) causes limits set by the Home Owners' Equity Protection Act (HOEPA) to kick in.  Only those first seven points can be counted where buydown is concerned.  However, if your household income is less than 100% of the median income for the metro in which you live, the bank will match the amount over seven points and use the matching funds to further buy down the interest rate while YOUR funds over seven points will go to reduce the principal of the loan.

Tim Trumble

Online Operations, NACA

[Anonymous]

Hello Newbie2018,

Employers and landlords can be a real pain in the backside where returning VOE and VOR forms are concerned.  I see so many cases where they just bury it at the bottom of a stack or even disregard it completely, thinking it isn't anything of importance.

As such, bugging your counselor doesn't help nor is it even a good way to find out if the documents have been sent back.  Instead, you should 1) be a polite pest with the landlord and employer/HR department about having received and returned the forms and 2) contact NACA Member Services at 425-602-6222 (not your counselor) 8:30 am to 5:30 pm Eastern Time Monday through Friday  to find out if the documents have been returned and are in your file.

Tim Trumble

Online Operations, NACA

[Newbie2018]

Thank you Tim! That's what I thought.
When he said that grant money isnt considered mine I was like wait that doesnt sound right at all. He mentioned something along the lines of that would be considered a 3rd party and government money on top of that, that would be considered a high loan and what not. It sounded off to me so thank you for clarification!

How long does it take to requalify for a higher amount PITI. My income from a second job wasnt added during the event because it wasnt a year old. Now it is and they are going to requalify me or submit a request for an increase is what he said. So how long does that initially take? I wont have the full MRF because the MRaf that I was qualified for with the lower PITI of $840 was only $2500. No payment shock. I know it will probably go up when they increase it. It has not been a full month since I first qualified so what's the turn around time to hear back from them. I have satisfied all conditions this far.

[Newbie2018]

By the way the grant amount is a city grant and a max of $30,000. I've already been approved for it. Just have to find a house and submit the necessary paperwork from naca and p&s contract etc.

[Anonymous]

Good night, 

i'm would like to sign up for the NACA program and the next workshop in my area is not until July 25th 2019, i want to know all the details and what it involves, or any requirements. 

[KBincali]

Hi Wolfman,
If you just go to NACA.com under FAQ they have a lot of information for you.
Good luck!

[Newbie2018]

Just an update

I ended up going with FHA over NACA

[Anonymous]

What made you choose FHA over Naca in the end? 

[Anonymous]

Just starting

[Anewme]

Hello!
Love this thread. I’m a former government employee and have been receiving long term disability for several years which I’m eligible for until I turn 70 or start to receive my pension. Just wanted to see if I would I still eligible to participate in NACA?