(update 1/7/14) CLOSING TODAY - NACA JOURNEY

[RJA]

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 telephone follow-up with mc to verify task list items clear.  Then will proceed to underwriter!!

My task list:

Additional addresses on credit report - provide LOE w/dates of residency and why I moved  DONE

Additional names on credit report:  provide LOE of why additional name - DONE

Bankruptcy:  provide LOE for reason of filing and what I've done to prevent in future - DONE

Credit inquiries:  provide LOE w/dates, who, what they for and if resulted in debt - DONE (this was easy they were all mortgage related)

Foreclosure:  provide LOE for reason and what I've done to prevent in future - DONE

Address mismatch on driver's license:  provide proof of correct address with DMV - DONE

Deposits:  LOE and back up documentation for all deposits non-payroll related - DONE

Voter registration card : provide proof I'm registered to vote - just waiting for my voter registration card to come in the mail and send in.

Employment verification - get a salary key from theworknumber.com to verify employment and income

My mc told me that once it goes to underwriter I should have the answer as to being qualified within a week.  I've already met a NACA approved buyer's agent, so once qualified - I'm good to go.

[Anonymous]

Grats... but, proof of voter registration?  Do you have to be a registered voter to get a loan with them?

[toppers555]

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@Anonymous wrote:

Grats... but, proof of voter registration?  Do you have to be a registered voter to get a loan with them?

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yes its a requirement.

[RJA]

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - given additional task list items

•  2nd LOE re: bank deposits  DONE
•  LOE re: boyfriend no longer living with me  DONE
•  BK discharge - apparently didn't receive the first time  DONE
•  Salary key - didn't receive the first time DONE
•  Pay stubs for June & July since don't have direct deposit  DONE

I also sent updated bank statement and October paystub

10/8/13 2nd telephone follow-up with mc at 4:00  - can't wait to see status from underwriter - if she sent and if additional documents are needed.

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[RJA]

2nd follow-up appointment with mc - done.  She never called me, just emailed that she is resubmitting to underwriter with additional docs provided. 

Only item needed was proof of IRS payment for 2012 taxes.  Located and emailed within 15 minutes.  Hopefully she was still working on my file when I sent it. 

She didn't schedule another phone appointment this time.  So I hope that means she received it and it's going for review.

I don't have a timeframe other than the 7-10 days she told me for last underwriter review.

[Anonymous]

Thanks for the update. Please keep updating us.

My supervisor doesn't have the best credit report. She was telling me about NACA. I have personally never heard of that first time home owners program. She stated she's using them because they give the individual a credit repair analyst who helps repair credit then guides the individual along the path to home ownership.

I thought my credit was pretty jacked up but on a whim, I just applied for a FHA loan through Wells Fargo and actually got a better loan deal than going with the SECU first time home owners program.

[RJA]

Glad to hear

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@Anonymous wrote:
Thanks for the update. Please keep updating us.

My supervisor doesn't have the best credit report. She was telling me about NACA. I have personally never heard of that first time home owners program. She stated she's using them because they give the individual a credit repair analyst who helps repair credit then guides the individual along the path to home ownership.

I thought my credit was pretty jacked up but on a whim, I just applied for a FHA loan through Wells Fargo and actually got a better loan deal than going with the SECU first time home owners program.

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Its amazing what you find out when just checking to see if you can qualify.  That's how I purchased my first home - I wasn't prepared to buy, but couldn't pass it up.  Glad to hear you were pre-approved for FHA.  I have a preapproval for FHA, but I originally wanted USDA. I'm currenlty going through the process for USDA also.   My preapproval for FHA was $185k with $10k down.  USDA was $190k.  NACA is $223k.  (without buying down the interest rate).

NACA is the better deal though.  There is no down payment or closing costs.  The interest rate is up to 1% lower.  You can buy down the interest rate to .059% - using the money that would have went for down payment and closing costs.  

There are some fees that are required to pay - which are the prepaid items (appraisal, pre-paid interest, etc.).   There is no PMI or MI.  What NACA has in place of PMI/MI is a $50.00 fee that goes to help out later if a homebuyer has difficulty paying mortgage.  Now the $50.00 is paid by the lenders (Citi or BoA).  So basically, the homeowner doesn't pay anything for PMI/MI.

This program is not limited to first time homebuyers.  Another great aspect.  NACA is not credit score driven, however a homebuyer must have no late payments within the last 12 months, or 24 months if they have BK or foreclosure. They work with each homebuyer to manage their debts BEFORE buying a home.  A buyer needs to prove they can afford the payment of the new mortgage.

[Anonymous]

We closed on our home on Friday.  I thought I would share my timeline with you as well.  Expect hiccups along the way.

03/05/13 – Discovered NACA
03/09/13 – Attended NACA Workshop
03/15/13 – Received NACA ID
03/25/13 – Intake Appointment
04/30/13 – File sent for qualification
05/16/13 – NACA Qualified
05/30/13 – Attended Homebuyer Workshop
07/15/13 – NACA Qualified at higher amount
08/01/13 – Offer on house accepted
08/22/13 – Loan App Submitted
10/09/13 – Clear To Close
10/11/13 – Closed

The process took 7 months and 2 days however our interest rate is 1.75% and our closing costs were very low. There were a ton of bumps along the way, most of which were not due to NACA but to other parties involved in the process. While my hair may have grayed a bit during the process, I am very pleased with NACA and would recommend them to anyone. If you have any questions please feel free to ask.

[RJA]

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@Anonymous wrote:

We closed on our home on Friday.  I thought I would share my timeline with you as well.  Expect hiccups along the way.

03/05/13 – Discovered NACA
03/09/13 – Attended NACA Workshop
03/15/13 – Received NACA ID
03/25/13 – Intake Appointment
04/30/13 – File sent for qualification
05/16/13 – NACA Qualified
05/30/13 – Attended Homebuyer Workshop
07/15/13 – NACA Qualified at higher amount
08/01/13 – Offer on house accepted
08/22/13 – Loan App Submitted
10/09/13 – Clear To Close
10/11/13 – Closed

The process took 7 months and 2 days however our interest rate is 1.75% and our closing costs were very low. There were a ton of bumps along the way, most of which were not due to NACA but to other parties involved in the process. While my hair may have grayed a bit during the process, I am very pleased with NACA and would recommend them to anyone. If you have any questions please feel free to ask.

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Congratulations on your new home.  I am glad you were able to hang on through the process with NACA.  It is definitely the best deal out there for a mortgage. 

[RJA]

8/24/13 attended the workshop

9/12/13 first meeting with mortgage consultant

9/26/13 first telephone follow-up with mc - given additional task list items - sent to underwriter for review

10/8/13 second follow up with mc - communication via email - given additional task - 2nd submission to underwriter

10/15/13 new task items from underwriter

Underwriter items:

1. Bank Statement - Wrong Information *** What is the member paying to IRS? BANK STATEMENT IS CORRECT WITH AMOUNT PAID

2.  File must go to TNR to request an exception for having a pending debt to the IRS - NOT SURE HOW LONG THIS WILL TAKE ONCE SUBMITTED

3. 2011 tax return - originally told not needed - DONE

4. Lynx budget with the most recent review with member in the space provided; document was not signed - ALREADY SIGNED AT INTAKE APPT.

5. Member to provide signed letter of explanation for the company loans including when was taken out, what they were used for and how much the loan was for; Please provide loan details, amount, rate, monthly payments, due date etc  DONE

6. Correct the dependents to match what was filed on the tax returns or provide documentation that the dependents have changed since filing; Application must be consistent with tax returns information - I'M UNABLE TO CORRECT THIS, MC ITEM

7. Member owes taxes in 2012; ask member to provide evidence that they were paid in full; member must request account  transcripts to confirm "0" balance owed to IRS- ALREADY PROVIDED PROOF OF PAYMENT AND HAVE ORDERED TRANSCRIPTS FROM IRS

8.  Member must participate in at least one activity before qualification and one before home purchase. Counsel member to participate in at least 5 activities per year; This requirement wont stop member's qualification but MC must encourage member to participate in NACA program - HOPING TO ASSIST AT THE OAKLAND DREAM EVENT THIS WEEKEND

I had contacted the online chat to see what to do since I didn't have a follow up appointment with my mc.  She does not review files until the appointment, so I would not have any idea of these items needed.  My MC is out of the office due to the dream event and won't return until next week sometime.  I still don't have a follow up appointment with her.  

Looks like I will have to drive the 3 hours to attend the event to get assistance sooner.