MY ***EXPEDITED*** NACA JOURNEY

[luckie clutse]

Daddy??

[cv91915]

Daddy??

 

Who's your daddy?

[luckie clutse]

 

Daddy??

 

Who's your daddy?

you're being funny today...lol I was asking you how about that lol

[Daddy]

 

 

 

 

 

Absolutely, get started now. Go to your intake and your counselor will give you a Task List. Make sure you do everything they ask you to do. If you do, you'll be here next year at this time talking about your amazing mortgage!

I can't remember, but I think they will use the IBR.

We'll Daddy there is a problem...I have too high of a DTI...they require 31/40...and I can't even get close.

Hmmm. Where are you at now?

31/47

At the time when I was getting qualified, I had a $750/mo car payment because I had done an 18 month loan. I sold the van to get rid of this payment. This then lowered my DTI and got me qualified.

 

Can you sell a car or refinance to a longer term with a lower payment, or even change the terms of your student loans?

no..question do they accept IBR for student loans? My appointment on the 23rd..

 

 

I believe they do. They will use the highest possible repayment amount. If they qualify you based on $250/mo in payments, they don't want your payments to go up to $300/mo because technically, that can impact your affordability.

[tiggerlgh]

 

 

 

 

 

 

Absolutely, get started now. Go to your intake and your counselor will give you a Task List. Make sure you do everything they ask you to do. If you do, you'll be here next year at this time talking about your amazing mortgage!

I can't remember, but I think they will use the IBR.

We'll Daddy there is a problem...I have too high of a DTI...they require 31/40...and I can't even get close.

Hmmm. Where are you at now?

31/47

At the time when I was getting qualified, I had a $750/mo car payment because I had done an 18 month loan. I sold the van to get rid of this payment. This then lowered my DTI and got me qualified.

 

Can you sell a car or refinance to a longer term with a lower payment, or even change the terms of your student loans?

no..question do they accept IBR for student loans? My appointment on the 23rd..

 

 

I believe they do. They will use the highest possible repayment amount. If they qualify you based on $250/mo in payments, they don't want your payments to go up to $300/mo because technically, that can impact your affordability.

 

So based on what you said Daddy they won't take the IBR payment but the amortized payment correct?

[Daddy]

 

 

 

 

 

 

 

Absolutely, get started now. Go to your intake and your counselor will give you a Task List. Make sure you do everything they ask you to do. If you do, you'll be here next year at this time talking about your amazing mortgage!

I can't remember, but I think they will use the IBR.

We'll Daddy there is a problem...I have too high of a DTI...they require 31/40...and I can't even get close.

Hmmm. Where are you at now?

31/47

At the time when I was getting qualified, I had a $750/mo car payment because I had done an 18 month loan. I sold the van to get rid of this payment. This then lowered my DTI and got me qualified.

 

Can you sell a car or refinance to a longer term with a lower payment, or even change the terms of your student loans?

no..question do they accept IBR for student loans? My appointment on the 23rd..

 

 

I believe they do. They will use the highest possible repayment amount. If they qualify you based on $250/mo in payments, they don't want your payments to go up to $300/mo because technically, that can impact your affordability.

 

So based on what you said Daddy they won't take the IBR payment but the amortized payment correct?

 

 

I closed with them 2 years ago. What I believe I did at the time was stretch my payment out on a standard repayment plan as long as possible, just to qualify. That payment was actually less than my IBR payment. So OP probably should see what a 25-30 year standard repayment would look like.

[mendelssohn]

 

 

 

 

 

 

 

 

Absolutely, get started now. Go to your intake and your counselor will give you a Task List. Make sure you do everything they ask you to do. If you do, you'll be here next year at this time talking about your amazing mortgage!

I can't remember, but I think they will use the IBR.

We'll Daddy there is a problem...I have too high of a DTI...they require 31/40...and I can't even get close.

Hmmm. Where are you at now?

31/47

At the time when I was getting qualified, I had a $750/mo car payment because I had done an 18 month loan. I sold the van to get rid of this payment. This then lowered my DTI and got me qualified.

 

Can you sell a car or refinance to a longer term with a lower payment, or even change the terms of your student loans?

no..question do they accept IBR for student loans? My appointment on the 23rd..

 

 

I believe they do. They will use the highest possible repayment amount. If they qualify you based on $250/mo in payments, they don't want your payments to go up to $300/mo because technically, that can impact your affordability.

 

So based on what you said Daddy they won't take the IBR payment but the amortized payment correct?

 

 

I closed with them 2 years ago. What I believe I did at the time was stretch my payment out on a standard repayment plan as long as possible, just to qualify. That payment was actually less than my IBR payment. So OP probably should see what a 25-30 year standard repayment would look like.

 

 

IBR is typically used to lower payments, so I doubt this is going to help in this case.

[honorS3]

On 2/17/2017 at 7:28 AM, Scattleb said:

Good Morning,

 

I thought this would be a good place to share my NACA journey with those looking to buy a home. Like many college graduates, student loans have become a huge barrier with the new rules by the banks. For me, even though my wife and I have a nice income, the loans forced us to go through NACA. So here is my timeline:

 

Sept 24- Attended Home Buyers Workshop

During this time, I continued to save my Payment shock (The difference between your current rent and future mortgage payment), paid my bills, and got all of my documents together.

Dec 1^st- 1^st Appointment. Uploaded all of my docs, but my MC told me to just bring everything in since the website makes it difficult for her to keep up with them. No big deal, she rescheduled me the following week .

Dec 7^th- This time, I brought breakfast for my MC since I knew that she hardly gets to eat in the morning. (She mentioned that at the last meeting). I also brought in my paper work and wouldn’t you know it, my file suddently became a priority. J

Dec. 23^rd- Submitted to UW for NACA Approval

Dec- 25-Dec 30 – Holiday Break, no response. No big deal, she told me this would happen.

In the meantime, we found our dream house, and prayed that nobody took it!

January 11^th, NACA approved and we signed our P & S that day, along with attending the Purchase Workshop.

January 17^th Credit Access

Jaunary 19^th Bank App

January 20^th, Inspection. Found a few minor issues, like loose floors and missing window locks.

So to this point, our scheduled close date is Feb 28. There have been few conditions from the lenders, mainly forms that we needed to sign or initial.

For the most part, this has been a smooth and relatively easy process. To be honest, the reason we were so prepared was reading this board (Lurking I admit..Lol) and reading the materials on NACA. If you start this journey, be prepared, have all your documents in a binder and be VERY nice to your MC. It will go a long way! Please if you have any questions, I’ll be glad to answer!

Our home will be a 250K brand new house, all brick with a basement on 2.25% rate. I could never get that anywhere, and we have “good” credit. Don’t give up!

 

Hi, 

 

I have a very similar situation with NACA, especially concerning the student loans. I have provided every item the same day that it has been requested; however, I keep having situations where my MC is saying my docs are not seen on her end or she can't find the docs. Fortunately, I have always kept a track record of the dates, times, and even confirmation of the document upload/submittal process. My MC did not thoroughly explain the payment shock process and that was a bit frustrating. I had my last session yesterday and I was expecting to move forward with U/W; however, my MC stated she did not have docs; the same docs that I provided at least 2 times before and I even showed her proof of my submittal of those docs. So here I am again submitting the same docs for a 3rd time; and she now has flagged my action item list with a significant set of things to do that again I have already done. This process can be frustrating but it also depends on the MC being knowledgeable, helpful, and very communicative with you. Do you have any advice concerning the student loans being in good standing but also in forbearance/deferment? My MC advised that NACA  will not accept a "$0" balance or "$0" monthly amount due statement. I have even provided summary statements and also approval correspondence of forgiveness. 

 

Thanks.