Jump to content

Anyone here use NACA before?


getmycreditstr8
 Share

Recommended Posts

Someone told me about this program and I'm eager to see if I qualify. I have a bankruptcy that's 4 years old and no negatives since discharge. I'm concerned because I make almost 60K a year and my wife makes about 25K. They say it's for moderate income families but I don't know if 85K in the Metro DC area would be considered "moderate"? Can anybody give me their experiences? Thanks.

Link to comment
Share on other sites


Someone told me about this program and I'm eager to see if I qualify. I have a bankruptcy that's 4 years old and no negatives since discharge. I'm concerned because I make almost 60K a year and my wife makes about 25K. They say it's for moderate income families but I don't know if 85K in the Metro DC area would be considered "moderate"? Can anybody give me their experiences? Thanks.

 

 

NACA meets in the library in DC every Saturday morning at 9am.... you're supposed to make an appt but while I was there they did take walk ins because of no shows

Link to comment
Share on other sites

By all accounts, NACA is wonderful. We will be going to a NACA workshop at the end of this month. We can qualify for traditional financing, but why would we if we can qualify for NACA? No app. fees, no closing costs, no BS PMI, and 5.375% (present) interest rate. I know one person here who used it and loves it.

Link to comment
Share on other sites

By all accounts, NACA is wonderful. We will be going to a NACA workshop at the end of this month. We can qualify for traditional financing, but why would we if we can qualify for NACA? No app. fees, no closing costs, no BS PMI, and 5.375% (present) interest rate. I know one person here who used it and loves it.

 

 

that does not mean ya dont need any $$ to buy a house thru NACA as some seem to think

Link to comment
Share on other sites

By all accounts, NACA is wonderful. We will be going to a NACA workshop at the end of this month. We can qualify for traditional financing, but why would we if we can qualify for NACA? No app. fees, no closing costs, no BS PMI, and 5.375% (present) interest rate. I know one person here who used it and loves it.

 

 

that does not mean ya dont need any $$ to buy a house thru NACA as some seem to think

 

Yeah, I know. I thought that before as well. However, with the home we are buying, we'll save about $10,000 in closing costs that don't need to rolled into the loan.

Link to comment
Share on other sites

If you read Journey to First-home purchase thread, that is the exact thing I went through and they spell it out completely. I went to the meeting and had my first one-on-one within two weeks. We went through all my documents and the purchase price and there were three things I had to do.

 

1. Get ready for the payment shock which is the difference between my current rent and the new monthly payment. I had to save that amount every month.

 

2. I had to have two months worth of house payment because my payment shock was more than 300.00. If less then you only have to have one month of house payment saved and also the prepay funds which was the home inspection fee, homeowners insurance, escrowed homeowners insurance, escrowed real estate tax, and prepaid mortgage interest.

 

3. Write letters of explanations for all negative items. I only had to pay one collection because it was under two years old.

 

It was not very difficult. I am not moving until the end of the year so I am going tomorrow to update my documents, update the interest rate to see what the savings should be now and talk more about my saving plan. Also the interest rate is one point below the BOA rate so I feel that is great.

 

C

Link to comment
Share on other sites

If you read Journey to First-home purchase thread, that is the exact thing I went through and they spell it out completely. I went to the meeting and had my first one-on-one within two weeks. We went through all my documents and the purchase price and there were three things I had to do.

 

1. Get ready for the payment shock which is the difference between my current rent and the new monthly payment. I had to save that amount every month.

 

2. I had to have two months worth of house payment because my payment shock was more than 300.00. If less then you only have to have one month of house payment saved and also the prepay funds which was the home inspection fee, homeowners insurance, escrowed homeowners insurance, escrowed real estate tax, and prepaid mortgage interest.

 

3. Write letters of explanations for all negative items. I only had to pay one collection because it was under two years old.

 

It was not very difficult. I am not moving until the end of the year so I am going tomorrow to update my documents, update the interest rate to see what the savings should be now and talk more about my saving plan. Also the interest rate is one point below the BOA rate so I feel that is great.

 

C

 

That's great!!!

 

Question: We are moving in June. We don't have jobs yet in our new city. Will we be able to use our income now for initial qualification and just provide documentation when we get our new jobs?

Link to comment
Share on other sites

We went to the workshop last summer and decided not to do it because you have to be out of BK for at least 2 years, which we were not. They require you to have a few thousand dollars saved up for payment shock, reserves, etc. I can't remember the exact terms, but at the time and based on where we live, we would have needed to have $4K saved up to do the program.

Link to comment
Share on other sites

Thanks for the info. I signed up for the workshop in April and I'm excited to have an opportunity to use NACA. I have not heard one bad thing about them since I first heard about it. My wife's credit is horrible but she is trying to clear it up finally! Does anyone know if NACA would only let my name and credit be used for the program or does she have to go on as well. If she does, this will take longer than I expected since she refused to do what I did when I found Creditboards years ago. Thanks!!!

Link to comment
Share on other sites

Thanks for the info. I signed up for the workshop in April and I'm excited to have an opportunity to use NACA. I have not heard one bad thing about them since I first heard about it. My wife's credit is horrible but she is trying to clear it up finally! Does anyone know if NACA would only let my name and credit be used for the program or does she have to go on as well. If she does, this will take longer than I expected since she refused to do what I did when I found Creditboards years ago. Thanks!!!

 

I tried to stay out of this post and just observe but i have to chime in and thread jack for a second.. naca is a great program and there probably isnt one better! the chronicles post by kybosh is a must read fyi. if you are truly looking for home ownership and promoting such then naca is the way to go not if u are looking to "flip" as the say or quick in quick out. My only and i do mean only draw back with naca is that u must be patient, as it isnt the fastest program out. so suggestion would be to start as early as possible even b4 you think u are ready to buy, because not only will they look at your situation and tell you what u need to do and the steps needed to do it (which at times that may take time in it self) but on top of that it will be some time they would take due to under staffing high client ratios etc. they are always busy! so that should tell u something if that many ppl are trying to do it and use them they must be good. but to answer your question yes you can use just your income/info to get the loan but they will only qualify "you" for as much as "they" think "you" can afford and will not take your dh's income into account so keep that in mind

 

good luck!

Edited by Chi-Chi
Link to comment
Share on other sites

Chiming in!

 

I attended a NACA seminar last week and I left PUMPED and ready to get my stuff in order! I purposely held off the appointment for over a month because I wanted to get my ducks in a row and be ready when I went in. I had already been saving, so hopefully they'll accept a Feb start to my Payment Shock Savings. If everything they say is true, I should be an excellent candidate. I am single, I make a great salary, no kids, no new collections in the last 2 yrs, no judgements, car almost paid off, no credit cards, virtually debt free except the student loan. The only stuff on my report is over 2 yrs old and I was told they would not require me to pay that off.

 

I could get a subprime mortgage but I would have to pay about 8% due to my credit score. If I am accepted through NACA I will pay half of that. I've been an angel the last two yrs, paying things off, clearing things up, paying on time and trying to get ready to buy a home. I am crossing my fingers this happens for me!

 

One thing I am concerned about. I owe on taxes for 2005 and likely 2006. I've not had enough money taken out of my paycheck and now I have to pay it back. But that's already in the budget and has been for some time. On top of that I am still saving. I have a payment plan arrangement with the IRS and I pay that sucker doggedly every month. I hope it isn't going to count against me. I will just pass out if they say I have ot pay that off first. I'd rather buy a higher interest rate than wait, honestly.

 

 

 

I'm having trouble finding any programs that will work with NACA. Most gift programs want you to take their loan, and use it for closing or down payment costs, neither of which NACA has--I had hoped to find something to use to for my prepaids. Less I have to come up with!

 

Good luck to everyone going through the program right now. I love that there is counseling and guidance at every step. You get a mortgage when you're READY and not a minute sooner!

 

My appointment is May 2nd. I am working HARD to be ready once I get in there!

Link to comment
Share on other sites

Chiming in!

 

I attended a NACA seminar last week and I left PUMPED and ready to get my stuff in order! I purposely held off the appointment for over a month because I wanted to get my ducks in a row and be ready when I went in. I had already been saving, so hopefully they'll accept a Feb start to my Payment Shock Savings. If everything they say is true, I should be an excellent candidate. I am single, I make a great salary, no kids, no new collections in the last 2 yrs, no judgements, car almost paid off, no credit cards, virtually debt free except the student loan. The only stuff on my report is over 2 yrs old and I was told they would not require me to pay that off.

 

I could get a subprime mortgage but I would have to pay about 8% due to my credit score. If I am accepted through NACA I will pay half of that. I've been an angel the last two yrs, paying things off, clearing things up, paying on time and trying to get ready to buy a home. I am crossing my fingers this happens for me!

 

One thing I am concerned about. I owe on taxes for 2005 and likely 2006. I've not had enough money taken out of my paycheck and now I have to pay it back. But that's already in the budget and has been for some time. On top of that I am still saving. I have a payment plan arrangement with the IRS and I pay that sucker doggedly every month. I hope it isn't going to count against me. I will just pass out if they say I have ot pay that off first. I'd rather buy a higher interest rate than wait, honestly.

 

 

 

I'm having trouble finding any programs that will work with NACA. Most gift programs want you to take their loan, and use it for closing or down payment costs, neither of which NACA has--I had hoped to find something to use to for my prepaids. Less I have to come up with!

 

Good luck to everyone going through the program right now. I love that there is counseling and guidance at every step. You get a mortgage when you're READY and not a minute sooner!

 

My appointment is May 2nd. I am working HARD to be ready once I get in there!

 

Congrats. We are trying to go through NACA as well. Our workshop is March 31.

 

Good luck with everything. Also, try and check out ACORN. I don't think anything compares to NACA, but Acorn is an alternative.

Link to comment
Share on other sites

Chiming in!

 

I attended a NACA seminar last week and I left PUMPED and ready to get my stuff in order! I purposely held off the appointment for over a month because I wanted to get my ducks in a row and be ready when I went in. I had already been saving, so hopefully they'll accept a Feb start to my Payment Shock Savings. If everything they say is true, I should be an excellent candidate. I am single, I make a great salary, no kids, no new collections in the last 2 yrs, no judgements, car almost paid off, no credit cards, virtually debt free except the student loan. The only stuff on my report is over 2 yrs old and I was told they would not require me to pay that off.

 

I could get a subprime mortgage but I would have to pay about 8% due to my credit score. If I am accepted through NACA I will pay half of that. I've been an angel the last two yrs, paying things off, clearing things up, paying on time and trying to get ready to buy a home. I am crossing my fingers this happens for me!

 

One thing I am concerned about. I owe on taxes for 2005 and likely 2006. I've not had enough money taken out of my paycheck and now I have to pay it back. But that's already in the budget and has been for some time. On top of that I am still saving. I have a payment plan arrangement with the IRS and I pay that sucker doggedly every month. I hope it isn't going to count against me. I will just pass out if they say I have ot pay that off first. I'd rather buy a higher interest rate than wait, honestly.

 

 

 

I'm having trouble finding any programs that will work with NACA. Most gift programs want you to take their loan, and use it for closing or down payment costs, neither of which NACA has--I had hoped to find something to use to for my prepaids. Less I have to come up with!

 

Good luck to everyone going through the program right now. I love that there is counseling and guidance at every step. You get a mortgage when you're READY and not a minute sooner!

 

My appointment is May 2nd. I am working HARD to be ready once I get in there!

 

your story is similar to mine and naca is the best and you wont find better... as far as the tax thing i really dont know but i do know they will ask for you past 2 yrs tax transcripts i guess to make sure that you are filing your taxes. also as far as using other programs to supplement naca its kinda hard pressed to find one but there are a few just make sure to aske them if they are able to work with naca. I found one and it is a great program and both naca and the other program said that it was fine as long as i meet both there guidelines which where pretty much the same anyway. Here is a tip: even if you cant use the other program for your pre paids you may be able to use them for buying down the interest rate that naca offers which is what i plan to do if the time doesnt pass because as you said i probably will have to go elsewhere and get a sub prime mortgage because i only have a few months to make a move and i have been planning this for 2yrs now and have all my duck in a row so now its just a wait for naca as they are always busy! good luck!

Link to comment
Share on other sites

What program is it, if you don't mind sharing? I haven't really been able to find any but perhaps i am not looking in the right places.

 

I will be homeless as of may 31, I am not renewing my lease. Depending on how things I will either be renting a room somewhere or I'll sign another short term lease.

Link to comment
Share on other sites

What program is it, if you don't mind sharing? I haven't really been able to find any but perhaps i am not looking in the right places.

 

I will be homeless as of may 31, I am not renewing my lease. Depending on how things I will either be renting a room somewhere or I'll sign another short term lease.

 

well the program i am using is called American Down payment Dream Initiative program and it is only available for a specific county in my state, but I'm sure they have it elsewhere but go to morehouse4less.com more info keep in mind you will have to take a workshop but you gain more knowledge which is always good! :clapping:

Link to comment
Share on other sites

What program is it, if you don't mind sharing? I haven't really been able to find any but perhaps i am not looking in the right places.

 

I will be homeless as of may 31, I am not renewing my lease. Depending on how things I will either be renting a room somewhere or I'll sign another short term lease.

 

well the program i am using is called American Down payment Dream Initiative program and it is only available for a specific county in my state, but I'm sure they have it elsewhere but go to morehouse4less.com more info keep in mind you will have to take a workshop but you gain more knowledge which is always good! :clapping:

Thanks!!!

Link to comment
Share on other sites

Yeah, I know. I thought that before as well. However, with the home we are buying, we'll save about $10,000 in closing costs that don't need to rolled into the loan.

 

Daddy......

 

Not sure where this number is coming from but on a 200k loan in TX normal closing costs are around 5k...........so in order to save 10k you would need to be getting charged 15k.........I don't believe your number is close to being accurate......and you will still have closing costs title insurance(most builders don't pay for it) a years worth of homeowners insurance and money to set up tax escrows plus interest through the end of the month......

Edited by cedski
Link to comment
Share on other sites

  • 16 years later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      189761
    • Most Online
      2046

    Newest Member
    keithverdin
    Joined
×
×
  • Create New...

Important Information

Guidelines