The Official NACA mortgage thread

[Chadius]

I thought they use your tax return to figure gross. 

I guess i don't know what top line gross income is. Unless you mean adding my gross from my wife's w2 and my w2. 

If naca goes by adding w2's, we are a couple thousand above the median for my area.  

[Anonymous]

They use your gross from your paycheck stubs. Not your tax returns. 

[Chadius]

Got it.

I am uploading the documents thru the webfile. Will the forms in the workbook be uploaded via the webfile portal? (I.e. rent verification form, monthly budget form, daily spending diary)

[Anonymous]

@Chadius 

You will need to complete the forms, scan and upload them as PDF files to your webfile. If the offices were open (not open due to covid), you'd give them to your counselor who would scan and upload them for you. 

[Chadius]

I don't have it. I am salary, so my gross is really easy to calculate.  My wife's gross is not. She is a para for special education kids. So she has no pay for the summer,  spring break, christmas break. Sept, January, June are all partial pay months. How do i or will NACA calculate her gross? 

Im trying to see if we will be above the income, and therefore not priority. 

[Chadius]

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@Anonymous wrote:

@Chadius 

You will need to complete the forms, scan and upload them as PDF files to your webfile. If the offices were open (not open due to covid), you'd give them to your counselor who would scan and upload them for you. 

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Ok thanks. 

[Anonymous]

Hello leftarmfunk,

I would suggest the refi to reduce the payment on the personal loan.  The NACA program will base your affordable monthly payment on a maximum Housing-to-Income ratio of 31% and a total maximum Debt-to-Income ratio (including housing) of 40%.  Therefore, any non-housing debt in excess of 9% of your gross income will reduce your affordable mortgage payment.  In your case for example, you at present would only be able to be approved for a mortgage payment equal to 24% of your monthly gross income (40% max – 16% non-housing debt = 24% affordable housing amount).

NACA does not use credit scores whatsoever, so your payments being reflected in your score is in fact irrelevant.  Simply show that the refi replaced the personal loan so we can view it as one contiguous transaction history and you’ll be okay.

Tim Trumble

Online Operations, NACA

[Anonymous]

@Anonymous 

I was recently told about NACA and was interested in starting this next year. I had heard that this program was a good option fir me due to my student loans. Most companies require using a 1 to 2 percent of the loan balance for calculating my DTI ratio. I have an IBR that has my payments at 0. With my income vs my family size it will probably stay at 0 or close to until they are forgiven at the 20 to 25 yr mark. How is this handled with NACA? This is probably goimg to be one of my biggest hold ups in ever qualifying for a home. We have some other minor unique circumstances that I'm sure there is probably a solution for. Also does medical leave count against you for continuous employment? My job placed me on medical leave while pregnant vs meeting dr restrictions. I was able to collect unemploymemt due to them requiring it not my dr or myself. i still have my job and will be back after maternity leave is up at the end of the this year.

Thank you.

[KBincali]

Hi, as a NACA home owner and also on an IBR, just wanted to say they only dealt with what my payment was at that particular time. NACA knows on that payment plan that your payments will always be a certain percentage of your income. Except for delinquencies, student loans on an IBR is no problem. 

Good luck! 

[Anonymous]

@Anonymous I have a few questions if you could clarify for me please how each of the following scenarios would affect qualification ,

1. If I withdrawal my payment shock from my checking account that my direct deposit goes into and then deposit the funds into my savings(different banks) is that acceptable vs a transfer( I understand transfer is probably preferred but would it be ok)? Will it need an LOE if it is consistent and funds are withdrawn from one account and immediately(same or next day)deposited into the other?

2. I believe I can use payment shock to pay down debt, does this require LOE? Can it only be done on a one time basis or can I actively pay down debt? And how will that affect "master" account not increasing?

3.To make sure my account balances are otherwise not all over the place when statements cut, is it acceptable to also withdrawal my utilities to pay them via prepaid card especially when I am done paying down my debt?