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  1. bayareagirl


  2. Mortgage cycling is how I am knocking down my mortgages. It can be used to pay off credit cards, etc. In order for this to work you need a positive cash flow, a Line of credit or a heloc loan, and a credit card. It can be done without a credit card, but you save on interests. I opened a LOC with a credit union. Interest rate is around 3%.
  3. How long does it typically take before one can ask for a conversion on these cards? What is the criteria for Converting? I did not know this was an even an option.
  4. I purchased a 4 plex fixer upper in 2003. In this program you are able to by a single family up to a 4 Plex. When you qualify they will give you information on how much you can afford in each instance. 70% of the current rents on a multi unit can be applied to help the buyer's income to help them qualify.It was a a very long and tearful process between the rehab appraisals needed and meeting all of the city regulations. The seller extended our contract twice. But, the wait was well worth it. NACA program did not require perfect credit. I wrote a a brief statement that my late payments were due to my mother being ill and I needed to help her pay bills or she would lose the family house. All on the loans were funded with BofA at the time at 1% lower than the posted rate at BofA. There is a fund that everyone pays into, its a monthly fee added to your mortgage. Mine was $50.00. The fee now correlates with the amount of your mortgage. But, you can apply and tap into this fund if you have difficulties paying your mortgage. I can be used twice during the life of the loan. All rehab work must be completed by a licensed contractor. Also, the realtor that assists in the sale must be NACA approved as well. This is another way of saying they agree to give a percentage of their fee to NACA. This was a great program for me! I recently discharged ch13, and I still own my building!

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