My2sentz, How is everything going with the NACA program...I'm still waiting to be call for first counseling session...they are pretty back up here in NC. My workshop was in June and still waiting....Pls give me some little light at the end of a very long tunnel...
Nope, we are not finished. The NACA underwriter requested that we submit additional paperwork which included checking statements and cancelled rent checks. This was frustrating to swallow, as I had attempted to give NACA copies of checking statements on 2 previous sessions, but I was told they were not needed. Then when it came time to be qualified, and NACA saw that we were making large deposits in the savings, they wanted to verify the source of the deposits. I had to prove that the deposits were a direct result of transfers from my checking account, funded by payroll checks. Anyway, I was missing 1 month and had to request the statement from the bank which was not readily available. The next available appointment was not until August 11. I attended the 8/11 appointment and everything okay. Papers have now gone once again to NACA's internal underwriter/auditor. Hopefully, we will get a call telling us that everything is a go and schedule us for the real estate meeting. Right now we are just waiting for that call. Not sure of your procedures in NJ/NY, but we had to call NACA (rather than wait for NACA to call us) for an appointment. Also, if you are anxious, I would call on a daily basis and ask if there were any cancellations, so you can get in there as soon as possible. I can not stress the importance of walking in for your first counseling session with all paperwork requested by NACA. This is extremely important. If you are missing any paperwork, no matter how small you may think it is, this can delay your qualification big time. Our first appointment, we weren't prepared and from that point on NACA kept requesting additional documentation. I am not discouraged. I just look at it as additional time to save some more money. Even though things are going very well living with my sister and husband, it is time that we move into our own home and give them their privacy back. Good luck and I will post again when I move further into the program.
My2sentz, Has NACA finally accepted you paperwork, and how is everything going...... I finally receive my call from NACA for a OCT03 meeting.....not sure what to expect.....did you have any collections that had to be cleared up if you remember. tks
Yes, NACA finally approved my paperwork on Thursday, August 28. Thank you God! That same day I attended their Thursday night qualified buyer's session. At the meeting you are given instructions on the NACA home buying process, as well as the amount you qualified for, along with a qualification letter. You are also introduced to a NACA real estate agent. NACA encourages you to use their agents. I chose to use the services of a real estate agent who is a very good friend. I know she will have our best interest at heart. Therefore, felt more comfortable working with an agent that I chose. As opposed to working with an agent that was assigned to me, as you don't get to choose which NACA agent you want to work with. After two weeks of serious house hunting and not liking any of the homes that were in our price range, we found a home that we might like. On Sept. 12, the house literally popped up on my computer at work, as we had been watching this particular subdivision for a home in our price range. I was amazed and couldn't believe that this gorgeous home (in our opinion) was selling in the neighborhood we wanted and was in our price range. The neighborhood is on the rise, as developers are building new SF homes that are selling from the upper $300s - $600s. My husband and I looked at the exterior of the home Friday night in the rain and really liked it. That next day we looked at the interior and exterior and wanted to make an offer. The home is in an excellent, well-established neighborhood in Clinton, Maryland. Was built in 1979, is a SF 3 bd/2 full bath raised rambler with an upstairs loft that can be used as a 4th bedroom or upper level family room. We put what we thought was a strong offer on the home on Sunday, September 14 (incidentally, our 7th wedding anniversary day). Wouldn't this be a wonderful anniversary present to us? We made an offer at full price, and asked for 2% closing cost assistance. As of this morning, we have not received word that the sellers have accepted our offer. The sellers are currently out of town. However, according to their agent, there were only 2 offers presented. Therefore, we are still encouraged. Hopefully, by the time I post again, it will be to tell you that the sellers accepted our offer and we are once again moving forward into the program. Good luck with your first counseling session. Remember to have your paperwork in order. NACA requires that all open collections/judgements be paid. Remember, it doesn't make a difference to them if you paid the outstanding amount in full or arranged a settlement for $10.00. As long as it is not open and there is no balance owing, that's all that they want to see. The key is to keep any collections/judgements from appearing on your credit report from this point on. Let me know what happens on October 3rd. Our prayers are with you.
My2sentz, Congradulations, are in order for you, it has been a long journey and patience I see is the key.......thank you for your kind words of encouragement.....I'm so excited for you....My journey is just beginning........I will keep you posted.
my2sentz, How is everything going? Wanted to inform you that I finally went to my 1st counseling session and it went ok, have to clear up about 5 items and return in Jan 04.........will keep you posted......
Our offer was not accepted on the house we wanted. So, we are still looking at houses as they come on the market. We are also very seriously tracking foreclosure homes. In the meantime, we have increased our savings in hopes of being qualified for more house. The housing market while still tight does not "seem" to be as fierce as it has been in the 2 years. We have noticed that sellers are starting to offer some closing help and housing are staying a tad longer on the available market. So, we continue to be hopeful. When the house is right, we will know that it is "My House" (NACA's motto). Good luck to you in clearing up those items. FYI, NACA is very serious about what they require of you. So, be diligent in giving them everything that they are looking for.
Foreclosure homes can be a good deal, since many come with "built in equity" (you pay less than market value). However, be careful with them, pay for an inspector to check it over. Many need a lot of work. That's OK if you know about it and are willing to do it. But make sure you know what the damage is before you get into it. I bought a foreclosure and it's worked out very well.
My2sentz, Are u guys still house hunting? How is everything going? My first session in October was painless I thought. Next session is in Jan 04 and I hope we get to the preapproval level. Just wanted to keep you posted...... tks nervous fdjtwins2
Husband and I are still looking for a home. The good thing is we have been saving additional money each month. As a result, NACA requalified us to purchase a home in the $260-$270 range. So, we now see houses that offer the minimum features that we want, which isn't much. Hope everything goes well for you at your January 2004 session.
Just wanted to post an update ... Finally located a house with most of the features I wanted in the area that I basically stalked. After negotiations, the offer was accepted. House inspection did not reveal anything that made us want to run. Therefore, contract was submitted to NACA for approval. Yesterday, I completed my mortgage application at the NACA offices in Washington, DC. The mortgage rate they were offering as of February 12, 2004, was 4.75%. The house was over the amount that NACA would approve. Therefore, had to buy down 5 points to get it to an acceptable threshold of $1,600. The seller contributed $5,000 towards closing costs (which was used to assist in buying down points, as clients that go through NACA do not incur closing costs). I had to contribute $8,700 towards the final buy down. Important Details: Home Purchase Price: $274,000 Original NACA Interest Rate: 4.75% NACA Interest Rate Received w/buy downs: 30 YEAR FIXED at 3.5% Out of Pocket Expenses to Buy Down: $8,700 PITI Mortgage: $1,585 Had we gone the traditional method of buying a house. It could have been: Home Purchase Price: $274,000 Interest Rate: 5.75% Closing Cost @ 6%: $16,440 PITI Mortgage: minimum $1,900 Yes, I am still on cloud nine!
My2sentz, Congradulations are in order. Patience and Perserverance does pay off. It sounds like you got a pretty good house. I started the process with NACA in Oct 2003 and we are going for our 2nd meeting in April04. Hoping everythings in order and we get qualified at that time. Just reading ur post let me know there is a light at the end of the tunnel. Was the credit spotless and which bank did they use? Do you know what ur credit scores were?
NACA is currently using Citibank. My credit has been spotless for the past 2 years. Score according to NACA was 708. Remember even if your credit score is 500, you qualify for the best interest rate that is offered, as NACA is not score driven. They only require that you resolve past credit issues in the past 2 years. So, I was golden. Now, had they gone back say 3-7 years ago, that's a totally different story! Good luck with your next counseling session. Do everything they tell you to do, as they are not just kidding. Most of all be patient and keep your eye on the prize. It will all work out in the long run. All praise and honor and glory to God for the good things he has done!